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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. 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?
to hear appeals of the tentative taxable value
Summation Method- Bank of Investment Method - and Market Comparison Method
December 31
a plus adjustemnt for the fireplace to the comp

2. July Board of Review begins
specific tax
Tuesday following Third Monday
utility - scarcity - desirability - transferability
beginning value the following year

3. CAMA system should estimate replacement cost new less depreciation in the _ approach
Form L-4024
cost
# of acres times 43 -560 divided by known dimension
direct sales comparison

4. May change assessment for current year
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
March BOR
are
assessor and Board of Review

5. If a business fails to file a personal property statement - the assessor shall _
reproduction cost
County Board of Commissioners
uniform rates
estimate the assessment

6. 1 acre =
43 -560 square feet
March BOR
beginning value the following year
contract rent

7. _ are applied to the cost schedules in the manuals
reproduction cost
fee simple
County multipliers
percent good

8. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
Form L-4024
Form L-4025
utility - scarcity - desirability - transferability
market rent

9. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
Federal Northwest
General Land Office survey
exempted
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

10. In a cost approach program - the computer system should estimate _ less _
replacement cost new; depreciation
Form L-4260
sales comparison approach
43 -560 square feet

11. There are _ in a section
640 acres
5 -280 lineal feet
12
typical farm buildings

12. Market value of property is _
$421 -052
cost approach
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
at value

13. Used to estimate the cost of constructing improvements to the land
cost approach
to hear appeals of the tentative taxable value
median
value in exchange

14. _ is estimating the cost of an exact duplication of the building
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
Reproduction cost
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
exempt

15. The three approaches to value
Form L-4023
are not
cost - sales comparison (market) - and income
Township Board; City Council

16. The Board of Review was created by the _ of 1893
real and personal
February 20
General Property Tax Act
replacement cost new; depreciation

17. _ measures value in exchange; it is based on the principle of substitution
direct sales comparison
Tuesday following the second
Michigan Constitution
3/4 Proposal

18. _ is a loss of utility and therefore of value from any cause
depreciation
taxes
cost - sales comparison (market) - and income
demand one

19. The value of vacant land is estimated using _
operating expenses
sales prices of other parcels similar to the property being appraised
50%; usual selling price
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

20. Inventory (is/is not) exempt
40
market comparison approach; cost approach
potential gross income
is

21. Michigan's Constitution provides for _ of taxation
Form L-4024
uniform rates
are not
50%; usual selling price

22. Michigan's Constitution uses _ to determine assessments
Form L-4025
GRM X MARKET RENT = MARKET VALUE
true cash value
Form L-4023

23. March Board of Review begins
rate x value
directly benefit
Tuesday following First Monday
agricultural personal property; exempt

24. Taxable unless specifically exempted
$421 -052
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
real and personal
taxes

25. In a township - the _ is the secretary of the Board of Review
exempt
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
supervisor
estimate the assessment

26. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
Form L-4154
income
northeast corner with section 1 and proceed west to section 6
Industrial Facility Tax Abatement

27. Special assessments must _ the properties in the district
directly benefit
Open Meetings Act
life estate
fee simple

28. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
exempted
value in use
Private Forest Reserve
Form L-4023

29. Proposal A had the immediate result of _ property taxes in the state
reducing
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
GRM X MARKET RENT = MARKET VALUE
property record cards and assessment maps

30. _ is the rent actually received for a property
first Monday in June
power to tax - eminent domain - police power - escheat
contract rent
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions

31. Economic condition factors (are/are not) applied to land and buildings
are not
estimate the assessment
Headlee Amendment
physical - functional - and economic

32. Deadline for filing Principal Residence Affidavits
branches
May 1
not standard depth
typical farm buildings

33. Tax day
life estate
December 31
replacement cost new; depreciation
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

34. Cost to construct improvement with the same functional utility of the subject
true cash value
reproduction cost
replacement cost
Front foot

35. Length times the width
expenses not allowable
Form L-4025
Genesee County
Rectangular computation of area

36. Sections in a township start _
northeast corner with section 1 and proceed west to section 6
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Genesee County
fee simple

37. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
real property
Economic condition factor
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
income approach

38. Methods used to describe property in Michigan
value in use
expenses not allowable
contract rent
Rectangular survey; metes and bounds; platted or recorded subdivision

39. Taxable personal property includes all property not expressly _
Private Forest Reserve
February 20
demand one
exempted

40. IFT's affect only the building value...
power to tax - eminent domain - police power - escheat
never the land
Federal Northwest
operating expenses

41. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
value in use
never depreciated
General Land Office survey
to hear appeals of the tentative taxable value

42. A private claim describes property that was occupied prior to the _
determining the primary use of the property; in this case probably agricultural or residential
General Land Office survey
Form L-4054
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

43. Special assessment districts are commonly used for _
Private Forest Reserve
partial estate
12
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

44. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
sales comparison approach
$1 per acre
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Form L-4025

45. Depreciation in the assessing process is expressed as a _
reproduction cost
percent good
the property owner or lessee - or the local government may begin the process of its own volition
Tuesday following the second

46. Enacted in 1893
Michigan General Property Tax Act
43 -560 square feet
at value
a plus adjustemnt for the fireplace to the comp

47. It is necessary to have an evening meeting unless the residents...
Form L-4054
July; July Board of Review
Reproduction cost
demand one

48. Monday December Board of Review begins
$421 -052
Tuesday following the second
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
Income / rate

49. The market rent times the number of units availabe to rent is _
potential income; vacancy - bad debt and operating expenses
The Land Residual
hear appeals from taxpayers or their agents
potential gross income

50. 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.
3/4 Proposal
Form L-4046
40
Rectangular computation of area