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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. Deadline for filing Principal Residence Affidavits
Circle computation of area
State Tax Commission
May 1
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

2. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Form L-4260
43 -560 square feet
market value; existing property
income approach

3. Public rights-of-way are _
640 acres
State Tax Commission
exempted
exempt

4. The income approach calculates the _ of a future income stream
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
October 31
reducing
present worth

5. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
gross rent multipliers
receives and reviews
July and December BOR
agricultural personal property; exempt

6. It is necessary to have an evening meeting unless the residents...
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
demand one
never the land
exempted

7. _ is estimating the cost of an exact duplication of the building
contract rent
net income
Site/location
Reproduction cost

8. When measuring a house - you use _ measurements
February 20
$1 per acre
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
exterior

9. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
$1 per acre
3/4 Proposal
replacement cost new; depreciation
transferability

10. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
adverse possession
Form L-4154
potential income; vacancy - bad debt and operating expenses
track land sales

11. CAMA system should estimate replacement cost new less depreciation in the _ approach
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
are not
State Tax Commission
cost

12. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Form L-4046
first Monday in June
percent good
the usual selling price of a property in an open-market transaction with a willing buyer and seller who desire to come to terms but who are under no undue constraints to do so

13. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
40
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Tuesday following Third Monday
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

14. Michigan's Constitution provides for _ of taxation
July; July Board of Review
uniform rates
sales comparison
supervisor

15. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Michigan Constitution
40
tangible or intangible
Township Board; City Council

16. The three categories of depreciation are _
February 20
physical - functional - and economic
electors
ground floor area

17. The formula for calculating value is _
exterior
estimate the assessment
Income / rate
track land sales

18. Equity within the 83 counties of the state is the responsibility of the _
exterior
Industrial Facility Tax Abatement
State Tax Commission
Triangle computation of area

19. Half the base times the height
partial estate
May 1
northeast corner with section 1 and proceed west to section 6
Triangle computation of area

20. Special assessments are not levied on all real and personal property that...
Open Meetings Act
General Property Tax Act
benefits from the special assessment
February 20

21. IFT certificates are granted for _ years with a possible 2-year construction period
12
to hear appeals of the tentative taxable value
Board of Review; Michigan Tax Tribunal
estimate the assessment

22. The amount of money or goods you can receive if you sell property
real estate
operating expenses
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
value in exchange

23. The government retains the following powers
exterior
taxation - eminent domain - and police powers
exempted
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

24. Methods used to describe property in Michigan
July and December BOR
State Tax Commission
true cash value
Rectangular survey; metes and bounds; platted or recorded subdivision

25. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
expenses not allowable
640 acres
discount rate - recapture rate - effective tax rate
October 31

26. The discount rate may be developed by the following:
February 20
northeast corner with section 1 and proceed west to section 6
July and December BOR
Summation Method- Bank of Investment Method - and Market Comparison Method

27. Vacant land adjustments have to be made for differences in _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
receives and reviews
12

28. _ is estimating the cost of a building of similar design and utility
Replacement cost
the property owner or lessee - or the local government may begin the process of its own volition
value in use
potential income; vacancy - bad debt and operating expenses

29. All meetings of the BOR are governed by the _
percent good
Summation Method- Bank of Investment Method - and Market Comparison Method
tangible or intangible
Open Meetings Act

30. IFT's affect only the building value...
never the land
replacement cost
market comparison approach; cost approach
Taxable Value X Millage Rate

31. Monday December Board of Review begins
Capitalizaiton rate
Industrial Facility Tax Abatement
Rectangular survey; metes and bounds; platted or recorded subdivision
Tuesday following the second

32. Taxable unless specifically exempted
real and personal
1 rod
County Board of Commissioners
sales prices of other parcels similar to the property being appraised

33. Formula used to calculate taxes is _
cost - sales comparison (market) - and income
sales comparison approach
Taxable Value X Millage Rate
determining the primary use of the property; in this case probably agricultural or residential

34. Deadline for filing personal property statements
July and December BOR
Tuesday following the second
February 20
northeast corner with section 1 and proceed west to section 6

35. The highest degree of ownership
Divide the sales price by the gross rent
Capitalizaiton rate
reducing
fee simple

36. The three approaches to value
Township Board; City Council
Reproduction cost
cost - sales comparison (market) - and income
43 -560 square feet

37. The four basic steps in the sales comparison approach is _
40
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
determining the primary use of the property; in this case probably agricultural or residential
Form L-4260

38. Not transfers of ownership
Form L-4054
owners and interested parties of the property to be assessed
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
property record cards and assessment maps

39. _ are those expenses necessary for generating income. This includes reserves for replacements - accounting fees - advertising costs - maintenance costs such as lawn care - snow removal - repairs - trash removal - utilities - and a maintenance manager
expenses allowable
lots and blocks
desirability
receives and reviews

40. _ is a loss of utility and therefore of value from any cause
depreciation
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
hear appeals from taxpayers or their agents
December 31

41. _ is the rent actually received for a property
real and personal
March BOR
contract rent
exempt

42. Initial survey point for Michigan at the intersection of two streets
present worth
Genesee County
desirability
sales comparison

43. Definition of ad valorem
at value
Capitalizaiton rate
Board of Review; Michigan Tax Tribunal
cost - sales comparison (market) - and income

44. True cash value is _
present worth
the property owner or lessee - or the local government may begin the process of its own volition
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
northeast corner with section 1 and proceed west to section 6

45. Movable irrigation systems including pumps not an integral part of a well are _ and are _
Income / rate
agricultural personal property; exempt
Form L-4154
40

46. Potential income minus vacancy - bad debt - and operating expenses is the _
cost - sales comparison (market) - and income
net income
physical - functional - and economic
a plus adjustemnt for the fireplace to the comp

47. Leased property is...
Form L-4025
Divide the sales price by the gross rent
partial estate
50%; usual selling price

48. _ 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
never the land
Replacement cost
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
exempt

49. Notice of special assessment public hearings must be given to _
owners and interested parties of the property to be assessed
sales comparison approach
true cash value
exempt

50. There are _ in a section
reproduction cost
gross rent multipliers
640 acres
agricultural personal property; exempt