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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. Personal property statemetns are due on _
typical farm buildings
February 20
real and personal
640 acres

2. If a business fails to file a personal property statement - the assessor shall _
supervisor
estimate the assessment
utility - scarcity - desirability - transferability
beginning value the following year

3. In a residential neighborhood - the measurement usually used in developing cost is _
Front foot
exterior
State Tax Commission
exempt

4. The difference between commercial and industrial property is _
Industrial Facility Tax Abatement
Form L-4023
Number 1
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

5. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Form L-4046
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
General Land Office survey
receives and reviews

6. CAMA system should estimate replacement cost new less depreciation in the _ approach
market rent
cost
12
value in use

7. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Rectangular computation of area
fee simple
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
Township Board; City Council

8. Formula used to calculate taxes is _
reproduction cost
Tuesday following First Monday
March BOR
Taxable Value X Millage Rate

9. Equity within the county is the responsibility of the _
Form L-4022
determining the primary use of the property; in this case probably agricultural or residential
County Board of Commissioners
Michigan General Property Tax Act

10. The amount of money or goods you can receive if you sell property
value in exchange
direct sales comparison
typical farm buildings
cost

11. Half the base times the height
real property
are not
lots and blocks
Triangle computation of area

12. To calculate a gross rent multiplier - _
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
Divide the sales price by the gross rent
July; July Board of Review
Form L-4260

13. Capped value is _

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14. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Form L-4260
Michigan Constitution
Site/location
income approach

15. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
The Land Residual
physical - functional - and economic
Form L-4154
depreciation

16. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
State Tax Commission
direct sales comparison
July and December BOR
value in use

17. The Tuesday following the third Monday in _ is the _ meeting.
typical farm buildings
July; July Board of Review
income approach
value in use

18. Taxable personal property includes all property not expressly _
specific tax
exempted
soil survey; land value
Tuesday following Third Monday

19. The market rent times the number of units availabe to rent is _
lots and blocks
potential gross income
agricultural personal property; exempt
property record cards and assessment maps

20. The government retains the following powers
taxation - eminent domain - and police powers
power to tax - eminent domain - police power - escheat
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
ground floor area

21. 16 1/2 feet =
1 rod
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Circle computation of area
Front foot

22. Public rights-of-way are _
December 31
receives and reviews
$1 per acre
exempt

23. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
determining the primary use of the property; in this case probably agricultural or residential
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
not standard depth
demand one

24. Monday December Board of Review begins
agricultural personal property; exempt
Tuesday following the second
Federal Northwest
Form L-4054

25. Market value of property is _
General Property Tax Act
potential income; vacancy - bad debt and operating expenses
fee simple - partial estate - and life estate
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

26. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
Site/location
replacement cost new; depreciation
income
real property

27. Computer assisted mass appraisal
county multipliers
the property owner or lessee - or the local government may begin the process of its own volition
a plus adjustemnt for the fireplace to the comp
CAMA

28. Who may ask for establishment of an industrial facility tax exemption district?
the property owner or lessee - or the local government may begin the process of its own volition
ground floor area
tangible or intangible
Form L-4054

29. Equity within the 83 counties of the state is the responsibility of the _
General Land Office survey
at value
State Tax Commission
income

30. Not transfers of ownership
Industrial Facility Tax Abatement
are not
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
sales comparison approach

31. Michigan's Constitution provides for _ of taxation
fee simple - partial estate - and life estate
uniform rates
Open Meetings Act
exempt

32. When appraising a commercial building - you should remember that unlike building - land is...
Michigan Constitution
typical farm buildings
never depreciated
track land sales

33. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
are not
never the land
Economic condition factor
Circle computation of area

34. A consumer must want the product for it to have value
Number 1
desirability
Genesee County
a plus adjustemnt for the fireplace to the comp

35. Depreciation in the assessing process is expressed as a _
percent good
sales prices of other parcels similar to the property being appraised
income
directly benefit

36. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
Form L-4025
beginning value the following year
utility - scarcity - desirability - transferability
potential gross income

37. In a township - the _ is the secretary of the Board of Review
real property
State Tax Commission
expenses allowable
supervisor

38. July Board of Review begins
hear appeals from taxpayers or their agents
reducing
December 31
Tuesday following Third Monday

39. The three principal steps in the cost approach are _
Genesee County
real estate
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
direct sales comparison

40. The three approaches to value
physical - functional - and economic
rate x value
$421 -052
cost - sales comparison (market) - and income

41. Deadline for filing Principal Residence Affidavits
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
local government unit
Capitalizaiton rate
May 1

42. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
October 31
specific tax
gross rent multipliers
operating expenses

43. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
to hear appeals of the tentative taxable 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
Income / rate
estimate the assessment

44. Compares the property beign appraised to similar properties that have recently sold
never depreciated
Industrial Facility Tax Abatement
by contacting one of the parties to the transaction (buyer - seller - or realtor)
sales comparison approach

45. Approved by voters in 1978
Township Board; City Council
Headlee Amendment
transferability
fee simple - partial estate - and life estate

46. Proposal A had the immediate result of _ property taxes in the state
Economic condition factor
reducing
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
Federal Northwest

47. One use of land value maps is to _
are
track land sales
replacement cost new; depreciation
May 1

48. Net income is _ minus _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
CAMA
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
potential income; vacancy - bad debt and operating expenses

49. The _ determines the size for rates
ground floor area
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
partial estate
are not

50. Notices of the decisions of the BOR must be mailed by the _
sales comparison approach
Michigan Constitution
first Monday in June
expenses not allowable