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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. Special assessments are not levied on all real and personal property that...
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Form L-4023
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
benefits from the special assessment

2. _ is the rent actually received for a property
contract rent
October 31
replacement cost new; depreciation
Site/location

3. In July and December - the BOR may meet to _
potential gross income
effective gross income
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Form L-4025

4. The rights of ownership removed by government are _
beginning value the following year
discount rate - recapture rate - effective tax rate
power to tax - eminent domain - police power - escheat
cost

5. Proposal A had the immediate result of _ property taxes in the state
demand one
reducing
General Property Tax Act
soil survey; land value

6. Cost to construct improvement with the same functional utility of the subject
replacement cost
tangible or intangible
are not
Capitalizaiton rate

7. The usual reference source regarding assessment and taxes
power to tax - eminent domain - police power - escheat
General Property Tax Act
market rent
net income

8. Market value of property is _
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
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
640 acres
Taxable Value X Millage Rate

9. The market rent times the number of units availabe to rent is _
cost
potential gross income
December 31
640 acres

10. The _ determines the size for rates
County multipliers
ground floor 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
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions

11. The definition of market value 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
Replacement cost
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
5 -280 lineal feet

12. 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
Form L-4260
power to tax - eminent domain - police power - escheat
replacement cost

13. 1 acre =
direct sales comparison
43 -560 square feet
cost approach
Tuesday following First Monday

14. Notices of the decisions of the BOR must be mailed by the _
first Monday in June
State Tax Commission
$421 -052
October 31

15. The formula for calculating tax bills is _
February 20
specific tax
a plus adjustemnt for the fireplace to the comp
Taxable Value x Millage Rate = Tax Bill

16. _ is used to adjust the cosst approach to market value for residential properties
12
Economic condition factor
Rectangular survey; metes and bounds; platted or recorded subdivision
effective gross income

17. One use of land value maps is to _
track land sales
General Property Tax Act
income
Township Board; City Council

18. 1 mile =
soil survey; land value
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
5 -280 lineal feet
partial estate

19. Definition of ad valorem
1 rod
at value
local government unit
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

20. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
determining the primary use of the property; in this case probably agricultural or residential
market rent
life estate

21. The right to use - occupy - and control a property for the length of the lessee's life
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
net income
owners and interested parties of the property to be assessed
life estate

22. The formula for using a gross rent multiplier to determine market value is _
exterior
GRM X MARKET RENT = MARKET VALUE
real property
electors

23. March Board of Review begins
Tuesday following First Monday
value in exchange
July and December BOR
Tuesday following the second

24. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
value in exchange
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
physical - functional - and economic
potential gross income

25. The discount rate may be developed by the following:
lots and blocks
taxes
Summation Method- Bank of Investment Method - and Market Comparison Method
Board of Review; Michigan Tax Tribunal

26. Requires that the ratio of assessments to true cash value not exceed 50%
Michigan Constitution
power to tax - eminent domain - police power - escheat
cost
County multipliers

27. A consumer must want the product for it to have value
General Property Tax Act
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
market value; existing property
desirability

28. Used to estimate the cost of constructing improvements to the land
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Taxable Value x Millage Rate = Tax Bill
Replacement cost
cost approach

29. Equity at the local level is the responsibility of the _
Form L-4046
assessor and Board of Review
income approach
Front foot

30. Length times the width
cost - sales comparison (market) - and income
income
Rectangular computation of area
expenses not allowable

31. Members of the Board of Review must be _ of the township
supervisor
discount rate - recapture rate - effective tax rate
northeast corner with section 1 and proceed west to section 6
electors

32. The most common types of ownership are _
fee simple - partial estate - and life estate
power to tax - eminent domain - police power - escheat
exempt
adverse possession

33. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
is
gross rent multipliers
operating expenses
owners and interested parties of the property to be assessed

34. Personal property may be _
Tuesday following; first Monday in March
is
tangible or intangible
Rectangular survey; metes and bounds; platted or recorded subdivision

35. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
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
beginning value the following year
uniform rates
Divide the sales price by the gross rent

36. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
income / value
property record cards and assessment maps
reducing
sales prices of other parcels similar to the property being appraised

37. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
Rectangular computation of area
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
income
Township Board; City Council

38. Notice of special assessment public hearings must be given to _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
owners and interested parties of the property to be assessed
Taxable Value X Millage Rate
property record cards and assessment maps

39. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
July and December BOR
specific tax
Open Meetings Act
Form L-4046

40. Special assessment districts are commonly used for _
income / value
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
are not
benefits from the special assessment

41. _ measures value in exchange; it is based on the principle of substitution
direct sales comparison
are not
Taxable Value x Millage Rate = Tax Bill
exterior

42. The difference between commercial and industrial property is _
to hear appeals of the tentative taxable value
sales comparison
market comparison approach; cost approach
Industrial Facility Tax Abatement

43. Value is determined by _
Tuesday following Third Monday
County Board of Commissioners
utility - scarcity - desirability - transferability
replacement cost

44. Vacant land adjustments have to be made for differences in _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
May 1
State Tax Commission
the property owner or lessee - or the local government may begin the process of its own volition

45. Most taxpayers must appeal to the local _ before appealing to the _
present worth
Board of Review; Michigan Tax Tribunal
Township Board; City Council
Tuesday following Third Monday

46. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
contract rent
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
$1 per acre
fee simple

47. 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?
northeast corner with section 1 and proceed west to section 6
Taxable Value X Millage Rate
fee simple
a plus adjustemnt for the fireplace to the comp

48. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Form L-4022
net income
Open Meetings Act
never the land

49. The government retains the following powers
Michigan General Property Tax Act
soil survey; land value
taxation - eminent domain - and police powers
1 rod

50. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
October 31
replacement cost new; depreciation
percent good
Rectangular computation of area