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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. Enacted in 1893
Michigan General Property Tax Act
fee simple
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
Income / rate

2. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
sales comparison approach
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
reproduction cost
October 31

3. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
5 -280 lineal feet
Number 1
market comparison approach; cost approach
depreciation

4. Capped value is _

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5. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
rate x value
replacement cost new; depreciation
Federal Northwest
General Land Office survey

6. In July and December - the BOR may meet to _
February 20
uniform rates
Tuesday following; first Monday in March
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

7. _ are expenses that may be part of the capitalization rate such as depreciation and property taxes or capital improvement expenses and the owner's costs and corporation costs; also not income taxes.
expenses not allowable
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
ground floor area
income approach

8. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
contract rent
Private Forest Reserve
Economic condition factor
income approach

9. Cost to construct an exact duplicate of the subject
present worth
estimate the assessment
never the land
reproduction cost

10. _ measures value in exchange; it is based on the principle of substitution
local government unit
Rectangular computation of area
direct sales comparison
determining the primary use of the property; in this case probably agricultural or residential

11. In a cost approach program - the computer system should estimate _ less _
Industrial Facility Tax Abatement
replacement cost new; depreciation
taxation - eminent domain - and police powers
Rectangular survey; metes and bounds; platted or recorded subdivision

12. Sections in a township start _
northeast corner with section 1 and proceed west to section 6
Interest or discount
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
tangible or intangible

13. When appraising a commercial building - you should remember that unlike building - land is...
$421 -052
never depreciated
value in exchange
uniform rates

14. Cost to construct improvement with the same functional utility of the subject
February 20
Industrial Facility Tax Abatement
replacement cost
GRM X MARKET RENT = MARKET VALUE

15. The formula for using a gross rent multiplier to determine market value is _
GRM X MARKET RENT = MARKET VALUE
Tuesday following First Monday
the property owner or lessee - or the local government may begin the process of its own volition
depreciation

16. Vacant land adjustments have to be made for differences in _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
demand one
desirability

17. A consumer must want the product for it to have value
direct sales comparison
The Land Residual
desirability
July and December BOR

18. The physical land and any structure attached to it
real estate
3/4 Proposal
$421 -052
sales comparison

19. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
State Tax Commission
Site/location
are not
income

20. Definition of ad valorem
Headlee Amendment
present worth
at value
Federal Northwest

21. Net income is _ minus _
potential income; vacancy - bad debt and operating expenses
Form L-4154
Tuesday following; first Monday in March
Tuesday following Third Monday

22. There are _ in a geographical township
benefits from the special assessment
Interest or discount
median
36 sections

23. True cash value is _
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
Circle computation of area
effective gross income
beginning value the following year

24. _ 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
cost approach
track land sales
real property

25. Personal property forms must be approved by the _
Summation Method- Bank of Investment Method - and Market Comparison Method
July and December BOR
desirability
State Tax Commission

26. Compares the property beign appraised to similar properties that have recently sold
county multipliers
sales comparison approach
rate x value
Reproduction cost

27. It (is not necessary to use __________ when valuing agricultural property.
real property
first Monday in June
utility - scarcity - desirability - transferability
county multipliers

28. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
beginning value the following year
partial estate
electors
March BOR

29. The three approaches to value
Private Forest Reserve
taxes
transferability
cost - sales comparison (market) - and income

30. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
property record cards and assessment maps
40
tangible or intangible
are

31. Not transfers of ownership
Federal Northwest
taxation - eminent domain - and police powers
Headlee Amendment
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

32. Equity at the local level is the responsibility of the _
assessor and Board of Review
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
expenses allowable
expenses not allowable

33. Personal property statemetns are due on _
economic obsolescense
supervisor
February 20
cost

34. Pole barns - silos - and large grain bins are considered _
typical farm buildings
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
640 acres
Form L-4046

35. July Board of Review begins
power to tax - eminent domain - police power - escheat
present worth
Tuesday following Third Monday
Open Meetings Act

36. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
Summation Method- Bank of Investment Method - and Market Comparison Method
real property
depreciation
life estate

37. Economic condition factors (are/are not) applied to land and buildings
electors
are not
utility - scarcity - desirability - transferability
are

38. Most taxpayers must appeal to the local _ before appealing to the _
physical - functional - and economic
Rectangular survey; metes and bounds; platted or recorded subdivision
Board of Review; Michigan Tax Tribunal
are

39. Deadline for filing personal property statements
February 20
Open Meetings Act
are not
life estate

40. The government is authorized to levy taxes in the _
Michigan Constitution
estimate the assessment
specific tax
effective gross income

41. The rights of ownership removed by government are _
Tuesday following; first Monday in March
county multipliers
estimate the assessment
power to tax - eminent domain - police power - escheat

42. Equity within the county is the responsibility of the _
County Board of Commissioners
Tuesday following the second
sales comparison approach
are

43. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
County multipliers
gross rent multipliers
adverse possession
operating expenses

44. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
CAMA
General Property Tax Act
Tuesday following Third Monday
effective gross income

45. The value of vacant land is estimated using _
Triangle computation of area
Township Board; City Council
expenses allowable
sales prices of other parcels similar to the property being appraised

46. The capitalization rate includes the _ - _ and the _
Taxable Value x Millage Rate = Tax Bill
discount rate - recapture rate - effective tax rate
Reproduction cost
not standard depth

47. A consumer must be able to purchasee the property
Tuesday following the second
1 rod
transferability
Taxable Value x Millage Rate = Tax Bill

48. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
median
typical farm buildings
uniform rates
$421 -052

49. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Michigan General Property Tax Act
40
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

50. To calculate a gross rent multiplier - _
physical - functional - and economic
Tuesday following Third Monday
Divide the sales price by the gross rent
General Land Office survey