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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. Equity at the local level is the responsibility of the _
assessor and Board of Review
value in exchange
exempt
true cash value

2. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
Form L-4024
General Property Tax Act
40
market comparison approach; cost approach

3. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
effective gross income
Form L-4154
exempt
contract rent

4. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
determining the primary use of the property; in this case probably agricultural or residential
beginning value the following year
County multipliers
median

5. Management costs in timber-cutover include _ which are usually the largest expense in this classification
Number 1
taxes
Reproduction cost
Genesee County

6. Personal property forms must be approved by the _
State Tax Commission
sales prices of other parcels similar to the property being appraised
The Land Residual
lots and blocks

7. Churches - schools - libraries and similar institutions are usually...
exempt
true cash value
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

8. Michigan's Constitution provides for _ of taxation
supervisor
economic obsolescense
General Property Tax Act
uniform rates

9. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
utility - scarcity - desirability - transferability
Michigan Constitution
soil survey; land value
The Land Residual

10. Used to value the income stream of a property
income approach
depreciation
replacement cost
October 31

11. The definition of market value is _
value in exchange
reducing
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
real estate

12. 1 mile =
effective gross income
real estate
5 -280 lineal feet
Economic condition factor

13. When appraising a commercial building - you should remember that unlike building - land is...
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
Taxable Value X Millage Rate
Township Board; City Council
never depreciated

14. Pole barns - silos - and large grain bins are considered _
are not
typical farm buildings
life estate
lots and blocks

15. Vacant land adjustments have to be made for differences in _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Michigan General Property Tax Act
beginning value the following year
General Property Tax Act

16. _ are applied to the cost schedules in the manuals
County multipliers
General Land Office survey
Michigan Constitution
Divide the sales price by the gross rent

17. Taxable unless specifically exempted
exempt
real and personal
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
exempt

18. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
Form L-4260
median
Private Forest Reserve
March BOR

19. 1 acre =
value in exchange
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
the property owner or lessee - or the local government may begin the process of its own volition
43 -560 square feet

20. Personal property may be _
tangible or intangible
value in exchange
General Land Office survey
Economic condition factor

21. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
receives and reviews
Form L-4154
GRM X MARKET RENT = MARKET VALUE
Private Forest Reserve

22. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Board of Review; Michigan Tax Tribunal
General Property Tax Act
Michigan Constitution

23. The income approach calculates the _ of a future income stream
March BOR
1 rod
power to tax - eminent domain - police power - escheat
present worth

24. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
exempted
Taxable Value X Millage Rate
Form L-4054
is

25. Most taxpayers must appeal to the local _ before appealing to the _
cost - sales comparison (market) - and income
Board of Review; Michigan Tax Tribunal
income / value
income approach

26. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
specific tax
# of acres times 43 -560 divided by known dimension
Form L-4022
to hear appeals of the tentative taxable value

27. Economic condition factors (are/are not) applied to land and buildings
are not
transferability
real estate
The Land Residual

28. Radius squared times Pi (3.1416)
Circle computation of area
Form L-4024
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
sales comparison approach

29. Notices of the decisions of the BOR must be mailed by the _
partial estate
first Monday in June
specific tax
Michigan Constitution

30. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
36 sections
Form L-4260
typical farm buildings
supervisor

31. Michigan's Constitution uses _ to determine assessments
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
net income
true cash value
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

32. Formula used to calculate taxes is _
cost approach
Board of Review; Michigan Tax Tribunal
not standard depth
Taxable Value X Millage Rate

33. Cost to construct an exact duplicate of the subject
reproduction cost
General Property Tax Act
present worth
expenses allowable

34. The first meeting of the BOR is held on the _
3/4 Proposal
Tuesday following; first Monday in March
Reproduction cost
determining the primary use of the property; in this case probably agricultural or residential

35. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
the property owner or lessee - or the local government may begin the process of its own volition
value in exchange
July and December BOR
ground floor area

36. The discount rate may be developed by the following:
Michigan General Property Tax Act
Summation Method- Bank of Investment Method - and Market Comparison Method
market comparison approach; cost approach
assessor and Board of Review

37. You verify a sale _
12
soil survey; land value
by contacting one of the parties to the transaction (buyer - seller - or realtor)
taxes

38. A private claim describes property that was occupied prior to the _
Income / rate
replacement cost
General Land Office survey
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

39. Sections in a township start _
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
northeast corner with section 1 and proceed west to section 6
July; July Board of Review
life estate

40. The value of vacant land is estimated using _
sales prices of other parcels similar to the property being appraised
July; July Board of Review
50%; usual selling price
track land sales

41. There are _ in a geographical township
benefits from the special assessment
branches
36 sections
Form L-4154

42. Notice of special assessment public hearings must be given to _
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
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
estimate the assessment
owners and interested parties of the property to be assessed

43. _ is a loss of utility and therefore of value from any cause
tangible or intangible
depreciation
36 sections
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

44. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
is
Federal Northwest
specific tax
typical farm buildings

45. Length times the width
income
Headlee Amendment
Rectangular computation of area
Circle computation of area

46. The three categories of depreciation are _
Front foot
3/4 Proposal
The Land Residual
physical - functional - and economic

47. Monday December Board of Review begins
specific tax
Tuesday following the second
are
12

48. Deadline for filing personal property statements
Rectangular computation of area
12
February 20
Income / rate

49. Public rights-of-way are _
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 / value
exempt

50. In a township - the _ is the secretary of the Board of Review
supervisor
July and December BOR
Industrial Facility Tax Abatement
exempt