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Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
Start Test
Study First
Subject
:
certifications
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. Article 9 of the Michigan Constitution provides for uniform property taxation which may not exceed _ of true cash value which is defined as being the _
expenses not allowable
rate x value
Taxable Value x Millage Rate = Tax Bill
50%; usual selling price
2. The _ determines the size for rates
Form L-4054
State Tax Commission
ground floor area
43 -560 square feet
3. To calculate a gross rent multiplier - _
Divide the sales price by the gross rent
economic obsolescense
median
50%; usual selling price
4. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
are
Circle computation of area
Headlee Amendment
October 31
5. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
benefits from the special assessment
are not
Form L-4260
real estate
6. _ is estimating the cost of an exact duplication of the building
property record cards and assessment maps
real and personal
Reproduction cost
typical farm buildings
7. _ soil is considered the most productive
exempt
electors
Number 1
Front foot
8. 16 1/2 feet =
1 rod
exempt
effective gross income
never depreciated
9. Length times the width
County Board of Commissioners
Form L-4154
Rectangular computation of area
property record cards and assessment maps
10. The formula for calculating income is _
rate x value
income / value
July; July Board of Review
ground floor area
11. Used to estimate the cost of constructing improvements to the land
taxes
never the land
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
cost approach
12. Initial survey point for Michigan at the intersection of two streets
Site/location
Genesee County
Number 1
are not
13. There are _ in a geographical township
effective gross income
36 sections
income approach
directly benefit
14. _ measures value in exchange; it is based on the principle of substitution
Summation Method- Bank of Investment Method - and Market Comparison Method
direct sales comparison
Form L-4054
Circle computation of area
15. Net income is _ minus _
never depreciated
1 rod
life estate
potential income; vacancy - bad debt and operating expenses
16. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
5 -280 lineal feet
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Form L-4025
Tuesday following First Monday
17. The most common types of ownership are _
fee simple - partial estate - and life estate
Tuesday following the second
cost
potential gross income
18. The Commercial Forest Act permits an owner to put property into a program that permits payment of a _ in lieu of the ad valorem rates
exempted
is
local government unit
specific tax
19. 1 mile =
value in use
5 -280 lineal feet
40
cost - sales comparison (market) - and income
20. Approved by voters in 1978
Triangle computation of area
assessor and Board of Review
soil survey; land value
Headlee Amendment
21. The difference between commercial and industrial property is _
hear appeals from taxpayers or their agents
beginning value the following year
Industrial Facility Tax Abatement
income / value
22. The right to use - occupy - and control a property for the length of the lessee's life
income approach
12
life estate
Reproduction cost
23. Cost to construct an exact duplicate of the subject
partial estate
hear appeals from taxpayers or their agents
reproduction cost
43 -560 square feet
24. A limits the maximum amount of ad valorem taxes that may be levied for school district operating purposes. The change this maximum requires a vote of _ of the legislature to approve.
first Monday in June
October 31
May 1
3/4 Proposal
25. Deadline for filing personal property statements
February 20
Michigan Constitution
rate x value
benefits from the special assessment
26. The return on the investment called in the capitalization rate is _
Michigan Constitution
Interest or discount
agricultural personal property; exempt
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
27. CAMA system should estimate replacement cost new less depreciation in the _ approach
desirability
Summation Method- Bank of Investment Method - and Market Comparison Method
cost
tangible or intangible
28. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
physical - functional - and economic
taxes
are not
40
29. Economic condition factors (are/are not) applied to land and buildings
County Board of Commissioners
Form L-4054
are not
Capitalizaiton rate
30. Public rights-of-way are _
operating expenses
Circle computation of area
exempt
July; July Board of Review
31. The discount rate may be developed by the following:
Summation Method- Bank of Investment Method - and Market Comparison Method
are not
income approach
sales comparison
32. Churches - schools - libraries and similar institutions are usually...
exempt
uniform rates
Industrial Facility Tax Abatement
General Property Tax Act
33. Personal property statemetns are due on _
February 20
Form L-4054
value in exchange
income approach
34. _ are expenses that may be part of the capitalization rate such as depreciation and property taxes or capital improvement expenses and the owner's costs and corporation costs; also not income taxes.
Reproduction cost
640 acres
expenses not allowable
directly benefit
35. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Board of Review; Michigan Tax Tribunal
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
Divide the sales price by the gross rent
Form L-4022
36. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
The Land Residual
property record cards and assessment maps
soil survey; land value
Triangle computation of area
37. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
effective gross income
Taxable Value X Millage Rate
hear appeals from taxpayers or their agents
Form L-4054
38. Personal property forms must be approved by the _
General Property Tax Act
life estate
Board of Review; Michigan Tax Tribunal
State Tax Commission
39. Equity within the 83 counties of the state is the responsibility of the _
agricultural personal property; exempt
a plus adjustemnt for the fireplace to the comp
operating expenses
State Tax Commission
40. When appraising a commercial building - you should remember that unlike building - land is...
Industrial Facility Tax Abatement
never depreciated
adverse possession
12
41. Tax day
December 31
State Tax Commission
October 31
$421 -052
42. The highest degree of ownership
fee simple
are
power to tax - eminent domain - police power - escheat
sales prices of other parcels similar to the property being appraised
43. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
median
beginning value the following year
Form L-4024
agricultural personal property; exempt
44. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
discount rate - recapture rate - effective tax rate
Open Meetings Act
net income
Form L-4154
45. A platted subdivision is described by _
Capitalizaiton rate
Triangle computation of area
desirability
lots and blocks
46. Radius squared times Pi (3.1416)
Circle computation of area
never depreciated
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
Economic condition factor
47. Special assessments are not levied on all real and personal property that...
local government unit
benefits from the special assessment
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
potential gross income
48. The amount of money or goods you can receive if you sell property
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
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
Site/location
value in exchange
49. In July and December - the BOR may meet to _
CAMA
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
physical - functional - and economic
Interest or discount
50. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
Form L-4046
July and December BOR
exempted
present worth