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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 may be _
tangible or intangible
real estate
county multipliers
May 1

2. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
July and December BOR
GRM X MARKET RENT = MARKET VALUE
exempted
Capitalizaiton rate

3. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
5 -280 lineal feet
Headlee Amendment
May 1
soil survey; land value

4. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
estimate the assessment
county multipliers
Form L-4024
local government unit

5. The formula for calculating value is _
never depreciated
Income / rate
market rent
are not

6. Members of the Board of Review must be _ of the township
electors
Private Forest Reserve
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Headlee Amendment

7. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
fee simple - partial estate - and life estate
Township Board; City Council
beginning value the following year
effective gross income

8. Notice of special assessment public hearings must be given to _
Form L-4260
owners and interested parties of the property to be assessed
Form L-4023
potential gross income

9. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
income / value
State Tax Commission
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
market comparison approach; cost approach

10. The amount of money or goods you can receive if you sell property
Headlee Amendment
value in exchange
hear appeals from taxpayers or their agents
Federal Northwest

11. 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 _
50%; usual selling price
demand one
43 -560 square feet
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

12. July Board of Review begins
income / value
Front foot
Tuesday following Third Monday
taxes

13. Special assessments are not levied on all real and personal property that...
benefits from the special assessment
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
# of acres times 43 -560 divided by known dimension
exempt

14. The CAMA system should be able to select comparable sales - make adjustments to the comps - and come up with an estimate of market value for the subject in the _ approach
benefits from the special assessment
Capitalizaiton rate
sales comparison
Divide the sales price by the gross rent

15. To calculate a gross rent multiplier - _
43 -560 square feet
State Tax Commission
36 sections
Divide the sales price by the gross rent

16. Special assessment districts are commonly used for _
hear appeals from taxpayers or their agents
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
uniform rates
February 20

17. The government retains the following powers
taxation - eminent domain - and police powers
Front foot
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Triangle computation of area

18. Deadline for filing personal property statements
Site/location
40
sales comparison
February 20

19. The formula for calculating rate is _
July and December BOR
Triangle computation of area
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
income / value

20. Compares the property beign appraised to similar properties that have recently sold
expenses allowable
sales comparison approach
branches
to hear appeals of the tentative taxable value

21. Public rights-of-way are _
partial estate
exempt
power to tax - eminent domain - police power - escheat
replacement cost new; depreciation

22. IFT certificates are granted for _ years with a possible 2-year construction period
value in use
reducing
12
The Land Residual

23. Personal property statemetns are due on _
agricultural personal property; exempt
Form L-4154
February 20
are not

24. The return on the investment called in the capitalization rate is _
Interest or discount
at value
GRM X MARKET RENT = MARKET VALUE
determining the primary use of the property; in this case probably agricultural or residential

25. You verify a sale _
net income
by contacting one of the parties to the transaction (buyer - seller - or realtor)
branches
determining the primary use of the property; in this case probably agricultural or residential

26. Value is determined by _
directly benefit
northeast corner with section 1 and proceed west to section 6
utility - scarcity - desirability - transferability
36 sections

27. It is necessary to have an evening meeting unless the residents...
tangible or intangible
Interest or discount
demand one
physical - functional - and economic

28. 1 acre =
income
43 -560 square feet
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
a plus adjustemnt for the fireplace to the comp

29. The discount rate may be developed by the following:
Circle computation of area
market rent
Replacement cost
Summation Method- Bank of Investment Method - and Market Comparison Method

30. 1 mile =
never the land
5 -280 lineal feet
is
October 31

31. Proposal A had the immediate result of _ property taxes in the state
rate x value
reducing
5 -280 lineal feet
fee simple - partial estate - and life estate

32. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
The Land Residual
# of acres times 43 -560 divided by known dimension
5 -280 lineal feet
40

33. A platted subdivision is described by _
present worth
lots and blocks
cost
value in exchange

34. Half the base times the height
GRM X MARKET RENT = MARKET VALUE
reproduction cost
Triangle computation of area
Capitalizaiton rate

35. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
Income / rate
income
February 20
12

36. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
branches
operating expenses
expenses not allowable
never the land

37. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
County Board of Commissioners
$421 -052
are not
beginning value the following year

38. A consumer must be able to purchasee the property
12
exempt
transferability
Tuesday following the second

39. Movable irrigation systems including pumps not an integral part of a well are _ and are _
agricultural personal property; exempt
value in use
Capitalizaiton rate
physical - functional - and economic

40. There are _ in a geographical township
36 sections
are not
sales comparison
physical - functional - and economic

41. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
assessor and Board of Review
property record cards and assessment maps
net income
determining the primary use of the property; in this case probably agricultural or residential

42. Vacant land adjustments have to be made for differences in _
Replacement cost
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
discount rate - recapture rate - effective tax rate
General Property Tax Act

43. Most taxpayers must appeal to the local _ before appealing to the _
ground floor area
Board of Review; Michigan Tax Tribunal
50%; usual selling price
Tuesday following Third Monday

44. The BOR _ and _ the roll
50%; usual selling price
reproduction cost
receives and reviews
tangible or intangible

45. Computer assisted mass appraisal
income / value
CAMA
operating expenses
agricultural personal property; exempt

46. In July and December - the BOR may meet to _
gross rent multipliers
36 sections
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
fee simple

47. When appraising a commercial building - you should remember that unlike building - land is...
expenses not allowable
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
real and personal
never depreciated

48. _ are applied to the cost schedules in the manuals
County Board of Commissioners
County multipliers
fee simple - partial estate - and life estate
exempt

49. If the interest rate is 5% - the effective tax rate is 2% - the recapture rate is 2.5% - and the income attributed to the building is $40 -000. The value of the building is _
tangible or intangible
power to tax - eminent domain - police power - escheat
$421 -052
expenses allowable

50. Buildings on leased lands _ personal property
General Land Office survey
Form L-4023
are
sales prices of other parcels similar to the property being appraised