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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. _ measures value in exchange; it is based on the principle of substitution
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
ground floor area
true cash value
direct sales comparison

2. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
July and December BOR
soil survey; land value
value in use
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions

3. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
$1 per acre
typical farm buildings
physical - functional - and economic
Interest or discount

4. Proposal A had the immediate result of _ property taxes in the state
market rent
reducing
fee simple - partial estate - and life estate
replacement cost new; depreciation

5. Notice of special assessment public hearings must be given to _
directly benefit
Form L-4025
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
owners and interested parties of the property to be assessed

6. The formula for calculating tax bills is _
uniform rates
income approach
Taxable Value x Millage Rate = Tax Bill
County Board of Commissioners

7. The _ must approve the application for an IFT before the State Tax Commission approves the application
local government unit
Private Forest Reserve
a plus adjustemnt for the fireplace to the comp
potential income; vacancy - bad debt and operating expenses

8. True cash value 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
branches
the property owner or lessee - or the local government may begin the process of its own volition
Rectangular computation of area

9. The highest degree of ownership
the property owner or lessee - or the local government may begin the process of its own volition
State Tax Commission
fee simple
county multipliers

10. The usual reference source regarding assessment and taxes
depreciation
General Property Tax Act
replacement cost new; depreciation
Federal Northwest

11. When appraising a commercial building - you should remember that unlike building - land is...
Tuesday following First Monday
never depreciated
estimate the assessment
Form L-4046

12. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
Reproduction cost
October 31
utility - scarcity - desirability - transferability
operating expenses

13. A consumer must be able to purchasee the property
12
transferability
income
northeast corner with section 1 and proceed west to section 6

14. The BOR _ and _ the roll
receives and reviews
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
Headlee Amendment
reducing

15. IFT certificates are granted for _ years with a possible 2-year construction period
12
Industrial Facility Tax Abatement
demand one
Capitalizaiton rate

16. The formula for calculating value is _
determining the primary use of the property; in this case probably agricultural or residential
Tuesday following the second
Income / rate
Divide the sales price by the gross rent

17. Leased property is...
Michigan General Property Tax Act
partial estate
ground floor area
3/4 Proposal

18. 1 mile =
life estate
Tuesday following First Monday
Michigan Constitution
5 -280 lineal feet

19. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Form L-4260
potential gross income
State Tax Commission
agricultural personal property; exempt

20. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
determining the primary use of the property; in this case probably agricultural or residential
1 rod
assessor and Board of Review
fee simple

21. Half the base times the height
replacement cost
hear appeals from taxpayers or their agents
ground floor area
Triangle computation of area

22. The difference between commercial and industrial property is _
the property owner or lessee - or the local government may begin the process of its own volition
Industrial Facility Tax Abatement
July; July Board of Review
Rectangular computation of area

23. The formula for calculating income is _
Form L-4024
tangible or intangible
rate x value
Tuesday following the second

24. In a township - the _ is the secretary of the Board of Review
gross rent multipliers
supervisor
estimate the assessment
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

25. Equity at the local level is the responsibility of the _
assessor and Board of Review
General Land Office survey
fee simple - partial estate - and life estate
receives and reviews

26. Personal property forms must be approved by the _
gross rent multipliers
Michigan Constitution
owners and interested parties of the property to be assessed
State Tax Commission

27. In July and December - the BOR may meet to _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
General Land Office survey
CAMA
tangible or intangible

28. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
March BOR
40
direct sales comparison
Federal Northwest

29. Tax day
true cash value
Tuesday following Third Monday
supervisor
December 31

30. The first meeting of the BOR is held on the _
Cost Approach
assessor and Board of Review
direct sales comparison
Tuesday following; first Monday in March

31. Movable irrigation systems including pumps not an integral part of a well are _ and are _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
taxation - eminent domain - and police powers
agricultural personal property; exempt
Tuesday following the second

32. Who may ask for establishment of an industrial facility tax exemption district?
the property owner or lessee - or the local government may begin the process of its own volition
discount rate - recapture rate - effective tax rate
sales comparison
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

33. CAMA system should estimate replacement cost new less depreciation in the _ approach
cost
gross rent multipliers
July and December BOR
Reproduction cost

34. The rights of ownership removed by government are _
the property owner or lessee - or the local government may begin the process of its own volition
transferability
power to tax - eminent domain - police power - escheat
Economic condition factor

35. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
The Land Residual
expenses allowable
43 -560 square feet
a plus adjustemnt for the fireplace to the comp

36. Potential income minus vacancy - bad debt - and operating expenses is the _
reproduction cost
net income
February 20
Interest or discount

37. Vacant land adjustments have to be made for differences in _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
3/4 Proposal
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
value in exchange

38. The three categories of depreciation are _
physical - functional - and economic
uniform rates
sales comparison approach
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

39. A depth factor chart is used to adjust lots that are _
demand one
Form L-4023
not standard depth
direct sales comparison

40. 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 _
County multipliers
Rectangular survey; metes and bounds; platted or recorded subdivision
December 31
$421 -052

41. The Tuesday following the third Monday in _ is the _ meeting.
1 rod
by contacting one of the parties to the transaction (buyer - seller - or realtor)
July; July Board of Review
never depreciated

42. The three principal steps in the cost approach are _
Form L-4154
Summation Method- Bank of Investment Method - and Market Comparison Method
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
State Tax Commission

43. The amount of money or goods you can receive if you sell property
market value; existing property
specific tax
value in exchange
agricultural personal property; exempt

44. Personal property statemetns are due on _
County Board of Commissioners
Form L-4024
February 20
supervisor

45. Equity within the county is the responsibility of the _
branches
County Board of Commissioners
never the land
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

46. Taxable personal property includes all property not expressly _
exempted
Michigan Constitution
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Tuesday following; first Monday in March

47. IFT's affect only the building value...
Capitalizaiton rate
never the land
agricultural personal property; exempt
Michigan Constitution

48. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
agricultural personal property; exempt
Form L-4023
sales prices of other parcels similar to the property being appraised
hear appeals from taxpayers or their agents

49. The formula for calculating rate is _
market comparison approach; cost approach
income / value
Township Board; City Council
to hear appeals of the tentative taxable value

50. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
640 acres
beginning value the following year
receives and reviews
$421 -052