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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. The three principal steps in the cost approach are _
typical farm buildings
the property owner or lessee - or the local government may begin the process of its own volition
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
never depreciated

2. 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?
Form L-4154
Rectangular survey; metes and bounds; platted or recorded subdivision
a plus adjustemnt for the fireplace to the comp
County multipliers

3. is the rent a property could command on the open market
life estate
The Land Residual
market rent
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions

4. March Board of Review begins
Replacement cost
Open Meetings Act
Tuesday following First Monday
May 1

5. A consumer must be able to purchasee the property
reducing
transferability
operating expenses
Interest or discount

6. It is necessary to have an evening meeting unless the residents...
Form L-4022
demand one
expenses not allowable
Federal Northwest

7. Personal property statemetns are due on _
Michigan Constitution
Board of Review; Michigan Tax Tribunal
February 20
beginning value the following year

8. When measuring a house - you use _ measurements
General Property Tax Act
exterior
are
July and December BOR

9. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
Rectangular survey; metes and bounds; platted or recorded subdivision
operating expenses
market value; existing property
estimate the assessment

10. Depreciation in the assessing process is expressed as a _
percent good
direct sales comparison
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Cost Approach

11. Sections in a township start _
exempted
northeast corner with section 1 and proceed west to section 6
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
branches

12. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
owners and interested parties of the property to be assessed
Form L-4154
life estate
assessor and Board of Review

13. 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 _
Cost Approach
Industrial Facility Tax Abatement
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
50%; usual selling price

14. July Board of Review begins
Cost Approach
Tuesday following Third Monday
Rectangular survey; metes and bounds; platted or recorded subdivision
The Land Residual

15. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
contract rent
Site/location
CAMA
reproduction cost

16. Market value of property is _
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
36 sections
first Monday in June
true cash value

17. Net income is _ minus _
adverse possession
potential income; vacancy - bad debt and operating expenses
Genesee County
Capitalizaiton rate

18. The formula for calculating value is _
income / value
Income / rate
Capitalizaiton rate
beginning value the following year

19. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
Federal Northwest
February 20
are not
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

20. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Front foot
Form L-4260
Circle computation of area
agricultural personal property; exempt

21. Tax day
life estate
ground floor area
December 31
directly benefit

22. _ measures value in exchange; it is based on the principle of substitution
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
direct sales comparison
median
at value

23. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
reducing
real property
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
never depreciated

24. Approved by voters in 1978
potential income; vacancy - bad debt and operating expenses
a plus adjustemnt for the fireplace to the comp
Headlee Amendment
Income / rate

25. 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
ground floor area
specific tax
Site/location
effective gross income

26. Used to estimate the cost of constructing improvements to the land
cost approach
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
real property
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

27. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
market comparison approach; cost approach
true cash value
Township Board; City Council

28. True cash value is _
Private Forest Reserve
GRM X MARKET RENT = MARKET VALUE
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
adverse possession

29. A private claim describes property that was occupied prior to the _
branches
northeast corner with section 1 and proceed west to section 6
effective gross income
General Land Office survey

30. The value property has in a specific use
economic obsolescense
value in use
36 sections
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

31. Members of the Board of Review must be _ of the township
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
electors
local government unit
Form L-4022

32. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
December 31
beginning value the following year
electors
Form L-4046

33. 16 1/2 feet =
1 rod
real estate
to hear appeals of the tentative taxable value
Reproduction cost

34. Equity at the local level is the responsibility of the _
640 acres
is
assessor and Board of Review
3/4 Proposal

35. _ is estimating the cost of a building of similar design and utility
Replacement cost
Capitalizaiton rate
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
Genesee County

36. The most common types of ownership are _
assessor and Board of Review
direct sales comparison
February 20
fee simple - partial estate - and life estate

37. Special assessments must _ the properties in the district
discount rate - recapture rate - effective tax rate
never the land
directly benefit
Summation Method- Bank of Investment Method - and Market Comparison Method

38. The Board of Review was created by the _ of 1893
General Property Tax Act
Form L-4054
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
reproduction cost

39. Methods used to describe property in Michigan
Rectangular survey; metes and bounds; platted or recorded subdivision
transferability
percent good
Form L-4154

40. Pole barns - silos - and large grain bins are considered _
life estate
3/4 Proposal
the property owner or lessee - or the local government may begin the process of its own volition
typical farm buildings

41. The Tuesday following the third Monday in _ is the _ meeting.
property record cards and assessment maps
not standard depth
a plus adjustemnt for the fireplace to the comp
July; July Board of Review

42. There are _ in a geographical township
$421 -052
12
36 sections
sales comparison

43. Compares the property beign appraised to similar properties that have recently sold
sales comparison approach
Tuesday following the second
July; July Board of Review
discount rate - recapture rate - effective tax rate

44. The rights of ownership removed by government are _
May 1
power to tax - eminent domain - police power - escheat
Form L-4046
expenses allowable

45. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
Site/location
July and December BOR
Taxable Value X Millage Rate
income

46. The highest degree of ownership
Tuesday following; first Monday in March
State Tax Commission
fee simple
not standard depth

47. Notices of the decisions of the BOR must be mailed by the _
taxation - eminent domain - and police powers
5 -280 lineal feet
first Monday in June
tangible or intangible

48. The definition of market value is _
physical - functional - and economic
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
are not
beginning value the following year

49. Formula used to calculate taxes is _
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
are not
present worth
Taxable Value X Millage Rate

50. Value is determined by _
The Land Residual
cost
utility - scarcity - desirability - transferability
3/4 Proposal