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MCAO: Michigan Certified Assessing Officer

Instructions:

Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can study here.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.

1. Churches - schools - libraries and similar institutions are usually...
Form L-4260
power to tax - eminent domain - police power - escheat
replacement cost
exempt

2. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
1 rod
reproduction cost
3/4 Proposal
determining the primary use of the property; in this case probably agricultural or residential

3. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
income approach
uniform rates
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
real property

4. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
July and December BOR
February 20
true cash value
value in use

5. Deadline for filing personal property statements
market value; existing property
desirability
February 20
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

6. The Tuesday following the third Monday in _ is the _ meeting.
county multipliers
July; July Board of Review
receives and reviews
transferability

7. _ is a loss in value caused by factors outside the property
economic obsolescense
Income / rate
50%; usual selling price
expenses not allowable

8. There are _ in a section
640 acres
county multipliers
taxation - eminent domain - and police powers
Interest or discount

9. One use of land value maps is to _
County Board of Commissioners
reproduction cost
track land sales
Rectangular computation of area

10. The physical land and any structure attached to it
real estate
Form L-4046
Rectangular survey; metes and bounds; platted or recorded subdivision
value in exchange

11. Buildings on leased lands _ personal property
October 31
never depreciated
are
soil survey; land value

12. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
the usual selling price at the place where the property to which the term is applied shall be at the time of the assessment being the price which could be obtained therefore at private sale - and not at forced sale or auction sale
The Land Residual
cost
life estate

13. March Board of Review begins
real estate
Tuesday following First Monday
deed- land contract- conveyance to a trust- distribution from a trust- change in beneficiary of trust- distribution after owner dies- lease- corporation partnership- tenancy in common transfers of ownership- spouse to spouse- tenancy by entireties- l
a plus adjustemnt for the fireplace to the comp

14. In heavily wooded areas where property lines may be difficult to identify - it is important that the owners protect their property from being claimed under _
Cost Approach
typical farm buildings
northeast corner with section 1 and proceed west to section 6
adverse possession

15. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
transferability
to hear appeals of the tentative taxable value
utility - scarcity - desirability - transferability
reducing

16. Economic condition factors (are/are not) applied to land and buildings
are not
Front foot
income / value
exterior

17. The formula for calculating income is _
rate x value
deed- land contract- conveyance to a trust- distribution from a trust- change in beneficiary of trust- distribution after owner dies- lease- corporation partnership- tenancy in common transfers of ownership- spouse to spouse- tenancy by entireties- l
first Monday in June
sales comparison

18. If the subject property has a fireplace and air-conditioning and the comp has only air-conditioning - what adjustment would be made to what property?
replacement cost new; depreciation
never depreciated
a plus adjustemnt for the fireplace to the comp
determining the primary use of the property; in this case probably agricultural or residential

19. 1 mile =
5 -280 lineal feet
February 20
market value; existing property
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

20. Initial survey point for Michigan at the intersection of two streets
transferability
$421 -052
Genesee County
track land sales

21. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Township Board; City Council
potential gross income
October 31
The Land Residual

22. When measuring a house - you use _ measurements
are not
median
exterior
supervisor

23. _ was designed to provide for the exemption from certain taxes; to levy and collect a specific tax from the owners of properties so exempted; and to provide for the transfer of the exemption certificates; also prescribes the power and dute of the STC
February 20
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
adverse possession
Form L-4054

24. Computer assisted mass appraisal
CAMA
contract rent
State Tax Commission
3/4 Proposal

25. Taxable unless specifically exempted
true cash value
Interest or discount
real and personal
Divide the sales price by the gross rent

26. The definition of market value is _
market rent
the most probable price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale - the buyer and seller - each acting prudently - knowledgeably and assuming the price is not affected
3/4 Proposal
Cost Approach

27. July Board of Review begins
Tuesday following Third Monday
sales comparison approach
Divide the sales price by the gross rent
a. valuing the land separately using market data b. estimating the reproduction or replacement of the subject by building a substitute c. estimating the depresiation of the subject from the time it was built to the date of the assessment

28. The definition of the economic principle of highest and best use is _
branches
the reasonably probable and legal use of vacant land or improved property - which is physically possible - appropriately supported - financially feasible - and that results in the highest value
median
Form L-4025

29. In a residential neighborhood - the measurement usually used in developing cost is _
net income
Front foot
12
cost

30. Potential income minus vacancy - bad debt - and operating expenses is the _
branches
expenses allowable
discount rate - recapture rate - effective tax rate
net income

31. The discount rate may be developed by the following:
net income
sales comparison approach
# of acres times 43 -560 divided by known dimension
Summation Method- Bank of Investment Method - and Market Comparison Method

32. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
County Board of Commissioners
General Property Tax Act
Form L-4024
36 sections

33. Capped value is _

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34. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
never depreciated
50%; usual selling price
northeast corner with section 1 and proceed west to section 6
effective gross income

35. Special assessments are not levied on all real and personal property that...
expenses not allowable
benefits from the special assessment
Form L-4046
General Land Office survey

36. The highest degree of ownership
March BOR
fee simple
The Land Residual
estimate the assessment

37. The three categories of depreciation are _
physical - functional - and economic
GRM X MARKET RENT = MARKET VALUE
sales comparison approach
adverse possession

38. Used to estimate the cost of constructing improvements to the land
expenses not allowable
cost
cost approach
are not

39. _ is estimating the cost of an exact duplication of the building
Open Meetings Act
Reproduction cost
General Land Office survey
local government unit

40. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
Federal Northwest
income
General Land Office survey
power to tax - eminent domain - police power - escheat

41. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
Site/location
potential income; vacancy - bad debt and operating expenses
Reproduction cost
December 31

42. The three principal steps in the cost approach are _
a. valuing the land separately using market data b. estimating the reproduction or replacement of the subject by building a substitute c. estimating the depresiation of the subject from the time it was built to the date of the assessment
Open Meetings Act
the reasonably probable and legal use of vacant land or improved property - which is physically possible - appropriately supported - financially feasible - and that results in the highest value
$1 per acre

43. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
gross rent multipliers
Form L-4154
40

44. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
5 -280 lineal feet
Number 1
are not
physical - functional - and economic

45. Management costs in timber-cutover include _ which are usually the largest expense in this classification
taxes
agricultural personal property; exempt
branches
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

46. The three approaches to value
Board of Review; Michigan Tax Tribunal
partial estate
to hear appeals of the tentative taxable value
cost - sales comparison (market) - and income

47. Special assessments must _ the properties in the district
Site/location
Taxable Value X Millage Rate
directly benefit
fee simple

48. Sections in a township start _
Form L-4260
transferability
northeast corner with section 1 and proceed west to section 6
potential income; vacancy - bad debt and operating expenses

49. The second meeting of the BOR is held to _
$1 per acre
hear appeals from taxpayers or their agents
physical - functional - and economic
Cost Approach

50. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
discount rate - recapture rate - effective tax rate
cost approach
Form L-4046
Form L-4054