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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. CAMA system should estimate replacement cost new less depreciation in the _ approach
General Property Tax Act
cost
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
real estate

2. _ is estimating the cost of a building of similar design and utility
40
Replacement cost
not standard depth
12

3. _ are applied to the cost schedules in the manuals
value in use
County multipliers
income / value
Taxable Value X Millage Rate

4. Used to estimate the cost of constructing improvements to the land
never depreciated
is
cost approach
life estate

5. Buildings on leased lands _ personal property
are
Number 1
a plus adjustemnt for the fireplace to the comp
potential gross income

6. The four basic steps in the sales comparison approach is _
February 20
cost
real property
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

7. The three principal steps in the cost approach are _
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
Economic condition factor
northeast corner with section 1 and proceed west to section 6
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

8. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
are not
expenses allowable
Form L-4023
effective gross income

9. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
July and December BOR
percent good
beginning value the following year
branches

10. _ includes the discount rate - recapture rate - and the effective rate.
discount rate - recapture rate - effective tax rate
value in exchange
Capitalizaiton rate
sales comparison

11. Movable irrigation systems including pumps not an integral part of a well are _ and are _
transferability
not standard depth
directly benefit
agricultural personal property; exempt

12. Pole barns - silos - and large grain bins are considered _
Headlee Amendment
typical farm buildings
taxation - eminent domain - and police powers
State Tax Commission

13. A private claim describes property that was occupied prior to the _
General Land Office survey
gross rent multipliers
State Tax Commission
exempt

14. _ soil is considered the most productive
first Monday in June
market comparison approach; cost approach
Number 1
benefits from the special assessment

15. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
Taxable Value x Millage Rate = Tax Bill
partial estate
$1 per acre
median

16. If a business fails to file a personal property statement - the assessor shall _
Michigan Constitution
sales comparison approach
partial estate
estimate the assessment

17. IFT certificates are granted for _ years with a possible 2-year construction period
branches
never depreciated
are not
12

18. The difference between commercial and industrial property is _
Industrial Facility Tax Abatement
March BOR
exterior
43 -560 square feet

19. It (is not necessary to use __________ when valuing agricultural property.
reducing
lots and blocks
fee simple - partial estate - and life estate
county multipliers

20. Capped value is _

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21. Requires that the ratio of assessments to true cash value not exceed 50%
economic obsolescense
expenses allowable
Michigan Constitution
the property owner or lessee - or the local government may begin the process of its own volition

22. _ is a loss of utility and therefore of value from any cause
depreciation
cost approach
are
at value

23. The usual reference source regarding assessment and taxes
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
General Property Tax Act
replacement cost new; depreciation
value in exchange

24. Economic condition factors (are/are not) applied to land and buildings
are not
exterior
1 rod
at value

25. Taxable personal property includes all property not expressly _
exempted
sales comparison approach
Tuesday following Third Monday
track land sales

26. Enacted in 1893
Michigan General Property Tax Act
CAMA
General Land Office survey
Form L-4022

27. One use of land value maps is to _
1 rod
Headlee Amendment
life estate
track land sales

28. Special assessments are not levied on all real and personal property that...
May 1
depreciation
benefits from the special assessment
Form L-4260

29. Vacant land adjustments have to be made for differences in _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Federal Northwest
reducing
Form L-4046

30. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
estimate the assessment
cost - sales comparison (market) - and income
Interest or discount
determining the primary use of the property; in this case probably agricultural or residential

31. 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?
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
a plus adjustemnt for the fireplace to the comp
Private Forest Reserve
Summation Method- Bank of Investment Method - and Market Comparison Method

32. Equity within the county is the responsibility of the _
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
determining the primary use of the property; in this case probably agricultural or residential
Headlee Amendment
County Board of Commissioners

33. The capitalization rate includes the _ - _ and the _
Private Forest Reserve
Cost Approach
agricultural personal property; exempt
discount rate - recapture rate - effective tax rate

34. The Board of Review was created by the _ of 1893
northeast corner with section 1 and proceed west to section 6
General Property Tax Act
first Monday in June
income / value

35. The most common types of ownership are _
utility - scarcity - desirability - transferability
May 1
a plus adjustemnt for the fireplace to the comp
fee simple - partial estate - and life estate

36. Tax day
July; July Board of Review
December 31
3/4 Proposal
real and personal

37. The definition of market value is _
cost - sales comparison (market) - and income
value in use
Reproduction cost
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

38. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
assessor and Board of Review
October 31
county multipliers
Headlee Amendment

39. Equity within the 83 counties of the state is the responsibility of the _
The Land Residual
Form L-4025
never the land
State Tax Commission

40. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
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
operating expenses
$1 per acre
directly benefit

41. Formula used to calculate taxes is _
Interest or discount
Form L-4054
50%; usual selling price
Taxable Value X Millage Rate

42. The _ to value is best used for mass appraisals being done by the assessor.
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
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
is
Cost Approach

43. The first meeting of the BOR is held on the _
Tuesday following; first Monday in March
Form L-4046
specific tax
taxation - eminent domain - and police powers

44. Deadline for filing personal property statements
present worth
Form L-4046
ground floor area
February 20

45. July Board of Review begins
market rent
Tuesday following Third Monday
physical - functional - and economic
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

46. The amount of money or goods you can receive if you sell property
Cost Approach
expenses not allowable
value in exchange
taxation - eminent domain - and police powers

47. The market rent times the number of units availabe to rent is _
potential gross income
uniform rates
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
cost

48. Potential income minus vacancy - bad debt - and operating expenses is the _
lots and blocks
Divide the sales price by the gross rent
hear appeals from taxpayers or their agents
net income

49. The Tuesday following the third Monday in _ is the _ meeting.
to hear appeals of the tentative taxable value
first Monday in June
net income
July; July Board of Review

50. Inventory (is/is not) exempt
rate x value
October 31
is
Taxable Value X Millage Rate