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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. Personal property forms must be approved by the _
Circle computation of area
State Tax Commission
to hear appeals of the tentative taxable value
Private Forest Reserve

2. Special assessments are not levied on all real and personal property that...
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
electors
Board of Review; Michigan Tax Tribunal
benefits from the special assessment

3. Cost to construct improvement with the same functional utility of the subject
replacement cost
receives and reviews
cost approach
Tuesday following Third Monday

4. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
Form L-4054
May 1
income / value
July; July Board of Review

5. It (is not necessary to use __________ when valuing agricultural property.
real estate
county multipliers
Rectangular survey; metes and bounds; platted or recorded subdivision
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

6. Initial survey point for Michigan at the intersection of two streets
discount rate - recapture rate - effective tax rate
Genesee County
county multipliers
never depreciated

7. Notices of the decisions of the BOR must be mailed by the _
Tuesday following First Monday
first Monday in June
sales prices of other parcels similar to the property being appraised
gross rent multipliers

8. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
never depreciated
market comparison approach; cost approach
local government unit
Cost Approach

9. The government is authorized to levy taxes in the _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Open Meetings Act
Michigan Constitution
40

10. Market value of property is _
State Tax Commission
contract rent
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
by contacting one of the parties to the transaction (buyer - seller - or realtor)

11. _ is a loss of utility and therefore of value from any cause
supervisor
depreciation
track land sales
electors

12. Used to value the income stream of a property
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
market comparison approach; cost approach
income approach
physical - functional - and economic

13. Unknown dimension formula
Form L-4025
sales comparison
local government unit
# of acres times 43 -560 divided by known dimension

14. Not transfers of ownership
ground floor area
Reproduction cost
supervisor
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

15. Most taxpayers must appeal to the local _ before appealing to the _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Township Board; City Council
Board of Review; Michigan Tax Tribunal
to hear appeals of the tentative taxable value

16. Compares the property beign appraised to similar properties that have recently sold
real property
sales comparison approach
reproduction cost
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

17. The _ to value is best used for mass appraisals being done by the assessor.
Cost Approach
General Land Office survey
expenses not allowable
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

18. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
real estate
economic obsolescense
determining the primary use of the property; in this case probably agricultural or residential
$421 -052

19. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
receives and reviews
are not
Form L-4046

20. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
Form L-4260
Cost Approach
General Land Office survey
are not

21. Cost to construct an exact duplicate of the subject
Economic condition factor
reproduction cost
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
potential income; vacancy - bad debt and operating expenses

22. Churches - schools - libraries and similar institutions are usually...
County multipliers
exempt
Rectangular computation of area
estimate the assessment

23. Deadline for filing personal property statements
beginning value the following 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
February 20
local government unit

24. Leased property is...
July; July Board of Review
partial estate
taxation - eminent domain - and police powers
Federal Northwest

25. The three approaches to value
Form L-4025
cost - sales comparison (market) - and income
reproduction cost
Michigan General Property Tax Act

26. Approved by voters in 1978
electors
Headlee Amendment
tangible or intangible
track land sales

27. A consumer must want the product for it to have value
desirability
State Tax Commission
utility - scarcity - desirability - transferability
value in exchange

28. _ is estimating the cost of an exact duplication of the building
Reproduction cost
reducing
Site/location
Economic condition factor

29. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
exempted
income
reducing
replacement cost new; depreciation

30. Notice of special assessment public hearings must be given to _
Capitalizaiton rate
owners and interested parties of the property to be assessed
exterior
power to tax - eminent domain - police power - escheat

31. Taxable unless specifically exempted
real and personal
at value
local government unit
not standard depth

32. Definition of ad valorem
discount rate - recapture rate - effective tax rate
at value
Income / rate
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

33. 1 acre =
The Land Residual
State Tax Commission
transferability
43 -560 square feet

34. Depreciation in the assessing process is expressed as a _
potential income; vacancy - bad debt and operating expenses
percent good
a plus adjustemnt for the fireplace to the comp
February 20

35. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
track land sales
July and December BOR
tangible or intangible
estimate the assessment

36. _ is used to adjust the cosst approach to market value for residential properties
hear appeals from taxpayers or their agents
Economic condition factor
General Property Tax Act
Township Board; City Council

37. The formula for calculating income is _
1 rod
Michigan Constitution
rate x value
determining the primary use of the property; in this case probably agricultural or residential

38. _ is a loss in value caused by factors outside the property
effective gross income
October 31
# of acres times 43 -560 divided by known dimension
economic obsolescense

39. When appraising a commercial building - you should remember that unlike building - land is...
July; July Board of Review
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
never depreciated
Reproduction cost

40. The BOR _ and _ the roll
true cash value
Form L-4024
sales prices of other parcels similar to the property being appraised
receives and reviews

41. In a cost approach program - the computer system should estimate _ less _
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
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
replacement cost new; depreciation

42. The usual reference source regarding assessment and taxes
36 sections
median
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
General Property Tax Act

43. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
real property
cost
12
50%; usual selling price

44. The three categories of depreciation are _
February 20
beginning value the following year
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
physical - functional - and economic

45. 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
agricultural personal property; exempt
The Land Residual
sales comparison
CAMA

46. The capitalization rate includes the _ - _ and the _
exempt
discount rate - recapture rate - effective tax rate
Divide the sales price by the gross rent
fee simple

47. Proposal A had the immediate result of _ property taxes in the state
lots and blocks
partial estate
reducing
The Land Residual

48. Michigan's Constitution uses _ to determine assessments
value in use
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
December 31
true cash value

49. Computer assisted mass appraisal
CAMA
12
beginning value the following year
Form L-4023

50. Vacant land adjustments have to be made for differences in _
economic obsolescense
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
GRM X MARKET RENT = MARKET VALUE
real estate