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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. You verify a sale _
February 20
by contacting one of the parties to the transaction (buyer - seller - or realtor)
reproduction cost
to hear appeals of the tentative taxable value

2. The value of vacant land is estimated using _
desirability
real property
expenses not allowable
sales prices of other parcels similar to the property being appraised

3. 16 1/2 feet =
Rectangular computation of area
exterior
1 rod
power to tax - eminent domain - police power - escheat

4. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
State Tax Commission
value in use
income
43 -560 square feet

5. Proposal A had the immediate result of _ property taxes in the state
Private Forest Reserve
reducing
March BOR
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions

6. Sections in a township start _
adverse possession
market value; existing property
northeast corner with section 1 and proceed west to section 6
The Land Residual

7. _ 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
are not
are not
benefits from the special assessment
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

8. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
discount rate - recapture rate - effective tax rate
40
soil survey; land value
Circle computation of area

9. The BOR _ and _ the roll
rate x value
electors
physical - functional - and economic
receives and reviews

10. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
partial estate
Form L-4154
branches
50%; usual selling price

11. Equity within the 83 counties of the state is the responsibility of the _
operating expenses
State Tax Commission
tangible or intangible
Michigan General Property Tax Act

12. Equity within the county is the responsibility of the _
Form L-4260
income approach
percent good
County Board of Commissioners

13. The government retains the following powers
income / value
taxation - eminent domain - and police powers
$1 per acre
Form L-4054

14. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
property record cards and assessment maps
640 acres
typical farm buildings
desirability

15. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
hear appeals from taxpayers or their agents
true cash value
effective gross income
12

16. Radius squared times Pi (3.1416)
physical - functional - and economic
July; July Board of Review
Circle computation of area
power to tax - eminent domain - police power - escheat

17. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
direct sales comparison
track land sales
Site/location
never depreciated

18. _ is estimating the cost of a building of similar design and utility
General Property Tax Act
February 20
Replacement cost
are not

19. Methods used to describe property in Michigan
December 31
direct sales comparison
Rectangular survey; metes and bounds; platted or recorded subdivision
Form L-4025

20. The income approach calculates the _ of a future income stream
$1 per acre
income / value
gross rent multipliers
present worth

21. Used to value the income stream of a property
Board of Review; Michigan Tax Tribunal
income approach
northeast corner with section 1 and proceed west to section 6
Form L-4023

22. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
power to tax - eminent domain - police power - escheat
Michigan Constitution
Form L-4024
by contacting one of the parties to the transaction (buyer - seller - or realtor)

23. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
Cost Approach
July and December BOR
Rectangular survey; metes and bounds; platted or recorded subdivision
Private Forest Reserve

24. The _ determines the size for rates
Headlee Amendment
ground floor area
State Tax Commission
potential gross income

25. The government is authorized to levy taxes in the _
Michigan Constitution
exempt
tangible or intangible
agricultural personal property; exempt

26. Personal property forms must be approved by the _
General Property Tax Act
reproduction cost
State Tax Commission
sales comparison approach

27. Members of the Board of Review must be _ of the township
electors
sales comparison
depreciation
branches

28. The amount of money or goods you can receive if you sell property
640 acres
median
exempted
value in exchange

29. It is necessary to have an evening meeting unless the residents...
owners and interested parties of the property to be assessed
# of acres times 43 -560 divided by known dimension
demand one
sales comparison approach

30. Enacted in 1893
operating expenses
to hear appeals of the tentative taxable value
potential income; vacancy - bad debt and operating expenses
Michigan General Property Tax Act

31. Personal property statemetns are due on _
exempted
$1 per acre
contract rent
February 20

32. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Form L-4024
income
640 acres
Form L-4022

33. Deadline for filing Principal Residence Affidavits
March BOR
soil survey; land value
May 1
# of acres times 43 -560 divided by known dimension

34. There are _ in a geographical township
$1 per acre
discount rate - recapture rate - effective tax rate
36 sections
1 rod

35. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
owners and interested parties of the property to be assessed
The Land Residual
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
Industrial Facility Tax Abatement

36. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Site/location
Rectangular survey; metes and bounds; platted or recorded subdivision
income approach
Form L-4046

37. _ is estimating the cost of an exact duplication of the building
Reproduction cost
value in use
$1 per acre
lots and blocks

38. CAMA system should estimate replacement cost new less depreciation in the _ approach
partial estate
cost
sales comparison approach
43 -560 square feet

39. The physical land and any structure attached to it
February 20
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
Capitalizaiton rate
real estate

40. The formula for using a gross rent multiplier to determine market value is _
Form L-4260
GRM X MARKET RENT = MARKET VALUE
Interest or discount
beginning value the following year

41. Half the base times the height
43 -560 square feet
sales prices of other parcels similar to the property being appraised
local government unit
Triangle computation of area

42. Cost to construct improvement with the same functional utility of the subject
real and personal
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
cost approach
replacement cost

43. The Tuesday following the third Monday in _ is the _ meeting.
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
transferability
July; July Board of Review
hear appeals from taxpayers or their agents

44. The formula for calculating rate is _
February 20
utility - scarcity - desirability - transferability
income / value
Form L-4024

45. Net income is _ minus _
General Land Office survey
agricultural personal property; exempt
potential income; vacancy - bad debt and operating expenses
median

46. Monday December Board of Review begins
12
Tuesday following the second
Form L-4024
net income

47. In a township - the _ is the secretary of the Board of Review
supervisor
lots and blocks
Cost Approach
electors

48. Depreciation in the assessing process is expressed as a _
local government unit
State Tax Commission
12
percent good

49. Management costs in timber-cutover include _ which are usually the largest expense in this classification
1 rod
5 -280 lineal feet
Genesee County
taxes

50. _ is the rent actually received for a property
rate x value
Site/location
contract rent
local government unit