Test your basic knowledge |

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 _
Form L-4154
assessor and Board of Review
March BOR
desirability

2. Tax day
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
5 -280 lineal feet
utility - scarcity - desirability - transferability
December 31

3. Economic condition factors (are/are not) applied to land and buildings
expenses allowable
Tuesday following Third Monday
are not
sales comparison approach

4. The BOR _ and _ the roll
not standard depth
are not
receives and reviews
Circle computation of area

5. Market value of property is _
cost
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
Reproduction cost
property record cards and assessment maps

6. One use of land value maps is to _
Open Meetings Act
Reproduction cost
track land sales
General Land Office survey

7. Unknown dimension formula
by contacting one of the parties to the transaction (buyer - seller - or realtor)
# of acres times 43 -560 divided by known dimension
5 -280 lineal feet
determining the primary use of the property; in this case probably agricultural or residential

8. The four basic steps in the sales comparison approach is _
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
# of acres times 43 -560 divided by known dimension
December 31
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

9. 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 _
Economic condition factor
local government unit
exterior
50%; usual selling price

10. Methods used to describe property in Michigan
Rectangular computation of area
General Property Tax Act
determining the primary use of the property; in this case probably agricultural or residential
Rectangular survey; metes and bounds; platted or recorded subdivision

11. The formula for calculating tax bills is _
receives and reviews
local government unit
Taxable Value x Millage Rate = Tax Bill
adverse possession

12. The three approaches to value
Michigan General Property Tax Act
cost - sales comparison (market) - and income
economic obsolescense
640 acres

13. 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
hear appeals from taxpayers or their agents
CAMA
to hear appeals of the tentative taxable value

14. In a cost approach program - the computer system should estimate _ less _
# of acres times 43 -560 divided by known dimension
Rectangular survey; metes and bounds; platted or recorded subdivision
replacement cost new; depreciation
Headlee Amendment

15. Equity within the county is the responsibility of the _
supervisor
County Board of Commissioners
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
income approach

16. Value is determined by _
exempt
are
utility - scarcity - desirability - transferability
Form L-4023

17. It is necessary to have an evening meeting unless the residents...
fee simple
5 -280 lineal feet
demand one
reproduction cost

18. Taxable personal property includes all property not expressly _
replacement cost
utility - scarcity - desirability - transferability
Form L-4046
exempted

19. The highest degree of ownership
Form L-4260
50%; usual selling price
median
fee simple

20. 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
50%; usual selling price
sales comparison
the property owner or lessee - or the local government may begin the process of its own volition
Board of Review; Michigan Tax Tribunal

21. _ includes the discount rate - recapture rate - and the effective rate.
physical - functional - and economic
Capitalizaiton rate
transferability
County Board of Commissioners

22. _ soil is considered the most productive
CAMA
Number 1
exterior
exempted

23. The market rent times the number of units availabe to rent is _
potential gross income
General Land Office survey
Cost Approach
CAMA

24. The cost approach is used to estimate _ of an _
Form L-4023
December 31
GRM X MARKET RENT = MARKET VALUE
market value; existing property

25. Notice of special assessment public hearings must be given to _
effective gross income
February 20
owners and interested parties of the property to be assessed
uniform rates

26. There are _ in a geographical township
market comparison approach; cost approach
exterior
36 sections
cost approach

27. The rights of ownership removed by government are _
power to tax - eminent domain - police power - escheat
General Property Tax Act
directly benefit
supervisor

28. Enacted in 1893
General Land Office survey
Open Meetings Act
real and personal
Michigan General Property Tax Act

29. 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?
October 31
a plus adjustemnt for the fireplace to the comp
$1 per acre
branches

30. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
replacement cost
40
market value; existing property
3/4 Proposal

31. Special assessments are not levied on all real and personal property that...
benefits from the special assessment
ground floor area
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
12

32. Not transfers of ownership
local government unit
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
taxation - eminent domain - and police powers
discount rate - recapture rate - effective tax rate

33. Management costs in timber-cutover include _ which are usually the largest expense in this classification
taxes
Michigan General Property Tax Act
Income / rate
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

34. Vacant land adjustments have to be made for differences in _
operating expenses
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
Tuesday following Third Monday
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

35. _ is the rent actually received for a property
contract rent
economic obsolescense
February 20
are not

36. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Form L-4025
real and personal
December 31

37. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
cost approach
first Monday in June
Township Board; City Council
Number 1

38. The government is authorized to levy taxes in the _
market rent
to hear appeals of the tentative taxable value
Michigan Constitution
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

39. The formula for calculating rate is _
exempted
income / value
Board of Review; Michigan Tax Tribunal
directly benefit

40. The usual reference source regarding assessment and taxes
reproduction cost
General Property Tax Act
Rectangular survey; metes and bounds; platted or recorded subdivision
branches

41. It (is not necessary to use __________ when valuing agricultural property.
power to tax - eminent domain - police power - escheat
beginning value the following year
value in use
county multipliers

42. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
Federal Northwest
a plus adjustemnt for the fireplace to the comp
replacement cost new; depreciation
income approach

43. The Tuesday following the third Monday in _ is the _ meeting.
Form L-4260
Taxable Value X Millage Rate
CAMA
July; July Board of Review

44. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
rate x value
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
43 -560 square feet
soil survey; land value

45. Public rights-of-way are _
lots and blocks
uniform rates
county multipliers
exempt

46. The discount rate may be developed by the following:
Summation Method- Bank of Investment Method - and Market Comparison Method
36 sections
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
adverse possession

47. Radius squared times Pi (3.1416)
median
Form L-4054
supervisor
Circle computation of area

48. _ 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
Open Meetings Act
potential income; vacancy - bad debt and operating expenses
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

49. The formula for calculating value is _
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
Summation Method- Bank of Investment Method - and Market Comparison Method
Income / rate
sales comparison

50. Definition of ad valorem
receives and reviews
at value
exempt
county multipliers