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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. 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?
contract rent
physical - functional - and economic
directly benefit
a plus adjustemnt for the fireplace to the comp

2. All meetings of the BOR are governed by the _
Open Meetings Act
reducing
replacement cost
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

3. Taxable personal property includes all property not expressly _
exempted
demand one
Genesee County
Tuesday following First Monday

4. Movable irrigation systems including pumps not an integral part of a well are _ and are _
percent good
agricultural personal property; exempt
Economic condition factor
depreciation

5. Taxable unless specifically exempted
real and personal
desirability
$1 per acre
exempt

6. IFT's affect only the building value...
income approach
never the land
fee simple - partial estate - and life estate
3/4 Proposal

7. _ are used to value income-producing residential property
agricultural personal property; exempt
gross rent multipliers
GRM X MARKET RENT = MARKET VALUE
branches

8. Formula used to calculate taxes is _
Tuesday following the second
October 31
Taxable Value X Millage Rate
supervisor

9. It (is not necessary to use __________ when valuing agricultural property.
effective gross income
county multipliers
Tuesday following Third Monday
agricultural personal property; exempt

10. 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 _
$421 -052
exterior
Cost Approach
partial estate

11. A private claim describes property that was occupied prior to the _
direct sales comparison
Cost Approach
General Land Office survey
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

12. Half the base times the height
Interest or discount
County multipliers
Triangle computation of area
cost approach

13. The second meeting of the BOR is held to _
hear appeals from taxpayers or their agents
Michigan Constitution
Tuesday following; first Monday in March
track land sales

14. The three principal steps in the cost approach are _
typical farm buildings
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
are not
market comparison approach; cost approach

15. Most taxpayers must appeal to the local _ before appealing to the _
Board of Review; Michigan Tax Tribunal
February 20
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
CAMA

16. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
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
market rent
market comparison approach; cost approach
Form L-4260

17. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Form L-4046
real property
exempted
exterior

18. Potential income minus vacancy - bad debt - and operating expenses is the _
Number 1
Replacement cost
net income
market rent

19. The value property has in a specific use
transferability
value in use
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Reproduction cost

20. The most common types of ownership are _
fee simple - partial estate - and life estate
life estate
$421 -052
county multipliers

21. _ is the rent actually received for a property
exempt
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
contract rent
real and personal

22. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Form L-4023
owners and interested parties of the property to be assessed
receives and reviews
contract rent

23. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
taxation - eminent domain - and police powers
cost approach
supervisor
market comparison approach; cost approach

24. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Rectangular computation of area
February 20

25. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
track land sales
General Land Office survey
local government unit
Private Forest Reserve

26. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
July; July Board of Review
State Tax Commission
taxation - eminent domain - and police powers
determining the primary use of the property; in this case probably agricultural or residential

27. 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 _
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
Economic condition factor
Tuesday following First Monday
adverse possession

28. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
potential gross income
operating expenses
fee simple - partial estate - and life estate
power to tax - eminent domain - police power - escheat

29. The _ to value is best used for mass appraisals being done by the assessor.
State Tax Commission
owners and interested parties of the property to be assessed
Cost Approach
fee simple

30. The General Property Tax Law states that agricultural operations means farming in all its _
branches
cost approach
Michigan Constitution
Capitalizaiton rate

31. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
Site/location
to hear appeals of the tentative taxable value
at value

32. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
May 1
Michigan General Property Tax Act
exempted

33. If a business fails to file a personal property statement - the assessor shall _
receives and reviews
estimate the assessment
percent good
Rectangular survey; metes and bounds; platted or recorded subdivision

34. There are _ in a section
market value; existing property
Form L-4025
640 acres
effective gross income

35. March Board of Review begins
true cash value
October 31
cost - sales comparison (market) - and income
Tuesday following First Monday

36. Value is determined by _
not standard depth
utility - scarcity - desirability - transferability
State Tax Commission
are not

37. Proposal A had the immediate result of _ property taxes in the state
reducing
$1 per acre
Board of Review; Michigan Tax Tribunal
Tuesday following the second

38. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
are not
estimate the assessment
Reproduction cost
operating expenses

39. Special assessments are not levied on all real and personal property that...
sales prices of other parcels similar to the property being appraised
benefits from the special assessment
fee simple - partial estate - and life estate
50%; usual selling price

40. The formula for calculating income is _
benefits from the special assessment
rate x value
depreciation
cost - sales comparison (market) - and income

41. Monday December Board of Review begins
May 1
owners and interested parties of the property to be assessed
Tuesday following the second
October 31

42. Michigan's Constitution uses _ to determine assessments
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
exempt
true cash value
December 31

43. You verify a sale _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
owners and interested parties of the property to be assessed
Summation Method- Bank of Investment Method - and Market Comparison Method
northeast corner with section 1 and proceed west to section 6

44. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
depreciation
soil survey; land value
replacement cost new; depreciation
uniform rates

45. _ are applied to the cost schedules in the manuals
potential gross income
benefits from the special assessment
County multipliers
Open Meetings Act

46. Churches - schools - libraries and similar institutions are usually...
real estate
owners and interested parties of the property to be assessed
exempt
cost

47. _ are those expenses necessary for generating income. This includes reserves for replacements - accounting fees - advertising costs - maintenance costs such as lawn care - snow removal - repairs - trash removal - utilities - and a maintenance manager
expenses allowable
by contacting one of the parties to the transaction (buyer - seller - or realtor)
sales prices of other parcels similar to the property being appraised
Headlee Amendment

48. Personal property forms must be approved by the _
Tuesday following the second
by contacting one of the parties to the transaction (buyer - seller - or realtor)
State Tax Commission
Board of Review; Michigan Tax Tribunal

49. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
are not
$1 per acre
power to tax - eminent domain - police power - escheat
a plus adjustemnt for the fireplace to the comp

50. The income approach calculates the _ of a future income stream
Form L-4025
present worth
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
Rectangular computation of area