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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. 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
specific tax
50%; usual selling price
effective gross income
Taxable Value X Millage Rate

2. _ are applied to the cost schedules in the manuals
Summation Method- Bank of Investment Method - and Market Comparison Method
50%; usual selling price
Rectangular survey; metes and bounds; platted or recorded subdivision
County multipliers

3. _ are expenses that may be part of the capitalization rate such as depreciation and property taxes or capital improvement expenses and the owner's costs and corporation costs; also not income taxes.
reducing
expenses not allowable
Taxable Value X Millage Rate
income approach

4. Deadline for filing personal property statements
value in exchange
sales prices of other parcels similar to the property being appraised
Form L-4022
February 20

5. In July and December - the BOR may meet to _
Tuesday following First Monday
$421 -052
Summation Method- Bank of Investment Method - and Market Comparison Method
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

6. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
first Monday in June
Rectangular computation of area
Form L-4154
never depreciated

7. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
May 1
ground floor area
income / value
market comparison approach; cost approach

8. _ was designed to provide for the exemption from certain taxes; to levy and collect a specific tax from the owners of properties so exempted; and to provide for the transfer of the exemption certificates; also prescribes the power and dute of the STC
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
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
taxes
Summation Method- Bank of Investment Method - and Market Comparison Method

9. _ measures value in exchange; it is based on the principle of substitution
operating expenses
Front foot
direct sales comparison
real and personal

10. Special assessments must _ the properties in the district
reducing
December 31
estimate the assessment
directly benefit

11. The income approach calculates the _ of a future income stream
not standard depth
present worth
Industrial Facility Tax Abatement
to hear appeals of the tentative taxable value

12. 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
General Property Tax Act
Replacement cost
potential gross income

13. Michigan's Constitution uses _ to determine assessments
direct sales comparison
true cash value
The Land Residual
Federal Northwest

14. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
the property owner or lessee - or the local government may begin the process of its own volition
are not
not standard depth
sales prices of other parcels similar to the property being appraised

15. March Board of Review begins
Rectangular computation of 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
taxes
Tuesday following First Monday

16. 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?
February 20
a plus adjustemnt for the fireplace to the comp
General Property Tax Act
rate x value

17. In heavily wooded areas where property lines may be difficult to identify - it is important that the owners protect their property from being claimed under _
Michigan Constitution
adverse possession
expenses allowable
GRM X MARKET RENT = MARKET VALUE

18. Taxable personal property includes all property not expressly _
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
power to tax - eminent domain - police power - escheat
exempted
Private Forest Reserve

19. Public rights-of-way are _
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
never depreciated
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions

20. Special assessments are not levied on all real and personal property that...
General Land Office survey
5 -280 lineal feet
State Tax Commission
benefits from the special assessment

21. The three categories of depreciation are _
agricultural personal property; exempt
physical - functional - and economic
Form L-4154
demand one

22. Used to estimate the cost of constructing improvements to the land
Reproduction cost
northeast corner with section 1 and proceed west to section 6
cost approach
true cash value

23. Leased property is...
county multipliers
partial estate
at value
median

24. The usual reference source regarding assessment and taxes
by contacting one of the parties to the transaction (buyer - seller - or realtor)
General Property Tax Act
demand one
assessor and Board of Review

25. Net income is _ minus _
potential income; vacancy - bad debt and operating expenses
5 -280 lineal feet
Tuesday following Third Monday
Number 1

26. Unknown dimension formula
sales comparison
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
are not
# of acres times 43 -560 divided by known dimension

27. Not transfers of ownership
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
Rectangular survey; metes and bounds; platted or recorded subdivision
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

28. One use of land value maps is to _
exempted
May 1
track land sales
not standard depth

29. A platted subdivision is described by _
specific tax
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
lots and blocks
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

30. In a residential neighborhood - the measurement usually used in developing cost is _
real property
northeast corner with section 1 and proceed west to section 6
Front foot
Interest or discount

31. Sections in a township start _
Rectangular computation of area
Headlee Amendment
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
northeast corner with section 1 and proceed west to section 6

32. A private claim describes property that was occupied prior to the _
General Land Office survey
local government unit
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
market value; existing property

33. Half the base times the height
market rent
life estate
Triangle computation of area
hear appeals from taxpayers or their agents

34. The most common types of ownership are _
expenses allowable
Tuesday following the second
fee simple - partial estate - and life estate
Reproduction cost

35. The General Property Tax Law states that agricultural operations means farming in all its _
desirability
lots and blocks
branches
Income / rate

36. The physical land and any structure attached to it
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
real estate
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 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

37. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
value in exchange
Michigan Constitution
State Tax Commission
Township Board; City Council

38. The BOR _ and _ the roll
exterior
County multipliers
receives and reviews
are not

39. The capitalization rate includes the _ - _ and the _
replacement cost new; depreciation
discount rate - recapture rate - effective tax rate
State Tax Commission
expenses not allowable

40. Churches - schools - libraries and similar institutions are usually...
market comparison approach; cost approach
Headlee Amendment
The Land Residual
exempt

41. Pole barns - silos - and large grain bins are considered _
Number 1
at value
exempt
typical farm buildings

42. _ is the rent actually received for a property
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
sales comparison
expenses not allowable
contract rent

43. Monday December Board of Review begins
Tuesday following the second
CAMA
March BOR
Open Meetings Act

44. Definition of ad valorem
at value
specific tax
Private Forest Reserve
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions

45. 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 _
the property owner or lessee - or the local government may begin the process of its own volition
Michigan Constitution
$421 -052
soil survey; land value

46. Equity at the local level is the responsibility of the _
assessor and Board of Review
Number 1
economic obsolescense
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

47. _ soil is considered the most productive
soil survey; land value
CAMA
The Land Residual
Number 1

48. You verify a sale _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
physical - functional - and economic
Tuesday following First Monday
County multipliers

49. Taxable unless specifically exempted
July and December BOR
real and personal
taxes
Form L-4025

50. Computer assisted mass appraisal
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
Cost Approach
real and personal
CAMA