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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. Most taxpayers must appeal to the local _ before appealing to the _
market comparison approach; cost approach
physical - functional - and economic
Board of Review; Michigan Tax Tribunal
exempted

2. A depth factor chart is used to adjust lots that are _
a plus adjustemnt for the fireplace to the comp
not standard depth
February 20
# of acres times 43 -560 divided by known dimension

3. Cost to construct improvement with the same functional utility of the subject
replacement cost
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
adverse possession
Circle computation of area

4. The three approaches to value
branches
43 -560 square feet
life estate
cost - sales comparison (market) - and income

5. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
# of acres times 43 -560 divided by known dimension
36 sections
Number 1

6. Michigan's Constitution provides for _ of taxation
Front foot
uniform rates
Triangle computation of area
reducing

7. The discount rate may be developed by the following:
Summation Method- Bank of Investment Method - and Market Comparison Method
Form L-4054
market value; existing property
contract rent

8. Definition of ad valorem
General Property Tax Act
at value
exterior
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

9. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Private Forest Reserve
12
Federal Northwest

10. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
operating expenses
General Property Tax Act
physical - functional - and economic
July and December BOR

11. You verify a sale _
median
Cost Approach
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Board of Review; Michigan Tax Tribunal

12. CAMA system should estimate replacement cost new less depreciation in the _ approach
3/4 Proposal
income approach
February 20
cost

13. One use of land value maps is to _
property record cards and assessment maps
track land sales
never depreciated
Economic condition factor

14. Taxable unless specifically exempted
real and personal
General Property Tax Act
Genesee County
1 rod

15. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
State Tax Commission
beginning value the following year
rate x value
Form L-4154

16. _ are used to value income-producing residential property
income approach
gross rent multipliers
operating expenses
Tuesday following the second

17. Notice of special assessment public hearings must be given to _
owners and interested parties of the property to be assessed
replacement cost
Cost Approach
desirability

18. All meetings of the BOR are governed by the _
market value; existing property
Open Meetings Act
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
real estate

19. The rights of ownership removed by government are _
Form L-4046
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
Divide the sales price by the gross rent

20. The amount of money or goods you can receive if you sell property
replacement cost
$421 -052
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
value in exchange

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
are not
March BOR
Form L-4154
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

22. Economic condition factors (are/are not) applied to land and buildings
Capitalizaiton rate
supervisor
Tuesday following First Monday
are not

23. 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.
Board of Review; Michigan Tax Tribunal
percent good
supervisor
3/4 Proposal

24. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
5 -280 lineal feet
agricultural personal property; exempt
property record cards and assessment maps
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

25. Unknown dimension formula
cost
receives and reviews
December 31
# of acres times 43 -560 divided by known dimension

26. The formula for using a gross rent multiplier to determine market value is _
not standard depth
GRM X MARKET RENT = MARKET VALUE
taxation - eminent domain - and police powers
40

27. Personal property forms must be approved by the _
agricultural personal property; exempt
State Tax Commission
market rent
Michigan Constitution

28. The physical land and any structure attached to it
Form L-4023
Form L-4054
real estate
taxes

29. Monday December Board of Review begins
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
a plus adjustemnt for the fireplace to the comp
Tuesday following the second
GRM X MARKET RENT = MARKET VALUE

30. In a township - the _ is the secretary of the Board of Review
supervisor
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
fee simple - partial estate - and life estate
are

31. The most common types of ownership are _
Taxable Value X Millage Rate
fee simple - partial estate - and life estate
demand one
$421 -052

32. The value property has in a specific use
exempt
Genesee County
Tuesday following the second
value in use

33. The General Property Tax Law states that agricultural operations means farming in all its _
income
5 -280 lineal feet
1 rod
branches

34. _ includes the discount rate - recapture rate - and the effective rate.
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
owners and interested parties of the property to be assessed
Capitalizaiton rate
February 20

35. is the rent a property could command on the open market
exempted
adverse possession
Private Forest Reserve
market rent

36. A private claim describes property that was occupied prior to the _
operating expenses
present worth
estimate the assessment
General Land Office survey

37. Pole barns - silos - and large grain bins are considered _
typical farm buildings
local government unit
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
Form L-4046

38. _ are applied to the cost schedules in the manuals
County multipliers
Michigan General Property Tax Act
real and personal
Genesee County

39. Taxable personal property includes all property not expressly _
exempted
gross rent multipliers
directly benefit
640 acres

40. July Board of Review begins
Tuesday following Third Monday
Income / rate
fee simple
February 20

41. Personal property may be _
GRM X MARKET RENT = MARKET VALUE
tangible or intangible
fee simple - partial estate - and life estate
Taxable Value X Millage Rate

42. There are _ in a geographical township
Cost Approach
Michigan Constitution
assessor and Board of Review
36 sections

43. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
effective gross income
uniform rates
real property
not standard depth

44. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
Industrial Facility Tax Abatement
market comparison approach; cost approach
specific tax
fee simple - partial estate - and life estate

45. The income approach calculates the _ of a future income stream
Form L-4025
are
present worth
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

46. A platted subdivision is described by _
lots and blocks
Replacement cost
life estate
sales comparison

47. Special assessments are not levied on all real and personal property that...
uniform rates
Federal Northwest
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
benefits from the special assessment

48. 1 mile =
present worth
5 -280 lineal feet
Interest or discount
40

49. _ is a loss of utility and therefore of value from any cause
not standard depth
economic obsolescense
depreciation
February 20

50. Leased property is...
median
Reproduction cost
partial estate
are not