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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. Proposal A had the immediate result of _ property taxes in the state
hear appeals from taxpayers or their agents
taxes
reducing
uniform rates

2. Notices of the decisions of the BOR must be mailed by the _
typical farm buildings
first Monday in June
County Board of Commissioners
market comparison approach; cost approach

3. The market rent times the number of units availabe to rent is _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
CAMA
potential gross income
property record cards and assessment maps

4. Churches - schools - libraries and similar institutions are usually...
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Form L-4022
income
exempt

5. A depth factor chart is used to adjust lots that are _
not standard depth
Form L-4054
GRM X MARKET RENT = MARKET VALUE
General Land Office survey

6. There are _ in a geographical township
Rectangular computation of area
36 sections
sales prices of other parcels similar to the property being appraised
640 acres

7. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
Reproduction cost
income
a plus adjustemnt for the fireplace to the comp
Headlee Amendment

8. There are _ in a section
640 acres
Form L-4025
real and personal
Cost Approach

9. The most common types of ownership are _
Industrial Facility Tax Abatement
depreciation
fee simple - partial estate - and life estate
County multipliers

10. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
640 acres
a plus adjustemnt for the fireplace to the comp
exempted
The Land Residual

11. Equity at the local level is the responsibility of the _
not standard depth
assessor and Board of Review
Taxable Value X Millage Rate
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

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
43 -560 square feet
exempted
Form L-4154
beginning value the following year

13. Notice of special assessment public hearings must be given to _
physical - functional - and economic
expenses allowable
owners and interested parties of the property to be assessed
effective gross income

14. Cost to construct improvement with the same functional utility of the subject
replacement cost
to hear appeals of the tentative taxable value
General Property Tax Act
40

15. Leased property is...
taxation - eminent domain - and police powers
Form L-4023
partial estate
real and personal

16. The capitalization rate includes the _ - _ and the _
Replacement cost
Divide the sales price by the gross rent
lots and blocks
discount rate - recapture rate - effective tax rate

17. 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
Reproduction cost
replacement cost
specific tax
lots and blocks

18. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
reducing
Tuesday following First Monday
first Monday in June
July and December BOR

19. Formula used to calculate taxes is _
cost approach
demand one
General Property Tax Act
Taxable Value X Millage Rate

20. 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
real and personal
October 31
Divide the sales price by the gross rent

21. _ is a loss of utility and therefore of value from any cause
$421 -052
depreciation
GRM X MARKET RENT = MARKET VALUE
life estate

22. Equity within the 83 counties of the state is the responsibility of the _
Form L-4024
at value
exempt
State Tax Commission

23. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
40
Form L-4022
owners and interested parties of the property to be assessed
36 sections

24. Most taxpayers must appeal to the local _ before appealing to the _
Capitalizaiton rate
Board of Review; Michigan Tax Tribunal
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
northeast corner with section 1 and proceed west to section 6

25. The first meeting of the BOR is held on the _
State Tax Commission
potential gross income
Tuesday following; first Monday in March
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

26. If a business fails to file a personal property statement - the assessor shall _
5 -280 lineal feet
estimate the assessment
Township Board; City Council
sales comparison

27. The return on the investment called in the capitalization rate is _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
March BOR
Interest or discount
desirability

28. The three approaches to value
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
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
cost - sales comparison (market) - and income

29. Capped value is _

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30. A consumer must be able to purchasee the property
transferability
life estate
are not
5 -280 lineal feet

31. The General Property Tax Law states that agricultural operations means farming in all its _
branches
taxation - eminent domain - and police powers
ground floor area
electors

32. 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?
Number 1
taxes
a plus adjustemnt for the fireplace to the comp
Form L-4054

33. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Tuesday following First Monday
real and personal
Form L-4260
potential income; vacancy - bad debt and operating expenses

34. _ is estimating the cost of an exact duplication of the building
February 20
36 sections
Open Meetings Act
Reproduction cost

35. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
lots and blocks
Form L-4023
$421 -052
to hear appeals of the tentative taxable value

36. March Board of Review begins
beginning value the following year
Tuesday following First Monday
direct sales comparison
benefits from the special assessment

37. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
adverse possession
agricultural personal property; exempt
determining the primary use of the property; in this case probably agricultural or residential
beginning value the following year

38. The formula for calculating tax bills is _
expenses allowable
Taxable Value x Millage Rate = Tax Bill
direct sales comparison
General Property Tax Act

39. Length times the width
discount rate - recapture rate - effective tax rate
potential income; vacancy - bad debt and operating expenses
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
Rectangular computation of area

40. The _ must approve the application for an IFT before the State Tax Commission approves the application
Township Board; City Council
local government unit
Triangle computation of area
depreciation

41. Unknown dimension formula
benefits from the special assessment
December 31
# of acres times 43 -560 divided by known dimension
the property owner or lessee - or the local government may begin the process of its own volition

42. The three principal steps in the cost approach are _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
market comparison approach; cost approach
640 acres
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

43. The CAMA system should be able to select comparable sales - make adjustments to the comps - and come up with an estimate of market value for the subject in the _ approach
gross rent multipliers
sales comparison
cost - sales comparison (market) - and income
taxation - eminent domain - and police powers

44. The highest degree of ownership
hear appeals from taxpayers or their agents
fee simple
tangible or intangible
reducing

45. Cost to construct an exact duplicate of the subject
never the land
reproduction cost
value in use
Circle computation of area

46. One use of land value maps is to _
agricultural personal property; exempt
track land sales
CAMA
fee simple

47. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
income approach
Federal Northwest
# of acres times 43 -560 divided by known dimension
potential income; vacancy - bad debt and operating expenses

48. _ are used to value income-producing residential property
gross rent multipliers
taxes
5 -280 lineal feet
assessor and Board of Review

49. Equity within the county is the responsibility of the _
County Board of Commissioners
agricultural personal property; exempt
adverse possession
contract rent

50. Used to value the income stream of a property
never the land
income approach
demand one
first Monday in June