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. Capped value is _

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183

2. The rights of ownership removed by government are _
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
Form L-4024
power to tax - eminent domain - police power - escheat
expenses allowable

3. Members of the Board of Review must be _ of the township
electors
determining the primary use of the property; in this case probably agricultural or residential
October 31
contract rent

4. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
Form L-4054
40
exterior
physical - functional - and economic

5. Who may ask for establishment of an industrial facility tax exemption district?
Divide the sales price by the gross rent
the property owner or lessee - or the local government may begin the process of its own volition
Form L-4023
reproduction cost

6. The highest degree of ownership
reproduction cost
Form L-4025
5 -280 lineal feet
fee simple

7. Net income is _ minus _
agricultural personal property; exempt
fee simple
The Land Residual
potential income; vacancy - bad debt and operating expenses

8. Deadline for filing Principal Residence Affidavits
ground floor area
Taxable Value X Millage Rate
May 1
Michigan General Property Tax Act

9. 1 acre =
February 20
July; July Board of Review
43 -560 square feet
owners and interested parties of the property to be assessed

10. _ is estimating the cost of a building of similar design and utility
exempt
Form L-4260
reproduction cost
Replacement cost

11. Definition of ad valorem
12
at value
life estate
transferability

12. _ measures value in exchange; it is based on the principle of substitution
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Tuesday following Third Monday
direct sales comparison
Private Forest Reserve

13. The cost approach is used to estimate _ of an _
net income
Tuesday following; first Monday in March
market value; existing property
partial estate

14. Proposal A had the immediate result of _ property taxes in the state
Taxable Value x Millage Rate = Tax Bill
ground floor area
Form L-4024
reducing

15. The _ to value is best used for mass appraisals being done by the assessor.
economic obsolescense
36 sections
Headlee Amendment
Cost Approach

16. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
Circle computation of area
income
direct sales comparison
State Tax Commission

17. Special assessments must _ the properties in the district
typical farm buildings
expenses not allowable
directly benefit
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

18. Unknown dimension formula
1 rod
Tuesday following the second
# of acres times 43 -560 divided by known dimension
General Property Tax Act

19. If a business fails to file a personal property statement - the assessor shall _
replacement cost
gross rent multipliers
estimate the assessment
GRM X MARKET RENT = MARKET VALUE

20. _ is a loss of utility and therefore of value from any cause
supervisor
market rent
May 1
depreciation

21. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
tangible or intangible
to hear appeals of the tentative taxable value
Reproduction cost
Form L-4054

22. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
Front foot
operating expenses
General Land Office survey
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

23. 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 _
cost approach
transferability
branches
adverse possession

24. A platted subdivision is described by _
Economic condition factor
lots and blocks
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
Private Forest Reserve

25. One use of land value maps is to _
March BOR
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
track land sales
determining the primary use of the property; in this case probably agricultural or residential

26. The discount rate may be developed by the following:
CAMA
Summation Method- Bank of Investment Method - and Market Comparison Method
demand one
economic obsolescense

27. Methods used to describe property in Michigan
rate x value
Tuesday following; first Monday in March
owners and interested parties of the property to be assessed
Rectangular survey; metes and bounds; platted or recorded subdivision

28. Used to value the income stream of a property
income approach
12
Form L-4154
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

29. Personal property may be _
ground floor area
cost
tangible or intangible
May 1

30. _ is the rent actually received for a property
Form L-4154
benefits from the special assessment
contract rent
value in exchange

31. The second meeting of the BOR is held to _
are not
GRM X MARKET RENT = MARKET VALUE
hear appeals from taxpayers or their agents
contract rent

32. The capitalization rate includes the _ - _ and the _
discount rate - recapture rate - effective tax rate
exempt
transferability
ground floor area

33. Notices of the decisions of the BOR must be mailed by the _
Front foot
first Monday in June
Open Meetings Act
property record cards and assessment maps

34. The market rent times the number of units availabe to rent is _
# of acres times 43 -560 divided by known dimension
potential gross income
Tuesday following Third Monday
Form L-4025

35. The amount of money or goods you can receive if you sell property
never depreciated
value in exchange
Federal Northwest
sales comparison

36. _ are applied to the cost schedules in the manuals
Michigan Constitution
County multipliers
are
reducing

37. 1 mile =
are
State Tax Commission
potential income; vacancy - bad debt and operating expenses
5 -280 lineal feet

38. Cost to construct improvement with the same functional utility of the subject
replacement cost
value in use
supervisor
March BOR

39. Computer assisted mass appraisal
CAMA
1 rod
transferability
income / value

40. All meetings of the BOR are governed by the _
determining the primary use of the property; in this case probably agricultural or residential
February 20
Open Meetings Act
October 31

41. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Form L-4023
value in exchange
transferability
3/4 Proposal

42. The Tuesday following the third Monday in _ is the _ meeting.
Summation Method- Bank of Investment Method - and Market Comparison Method
July; July Board of Review
Form L-4024
adverse possession

43. The formula for using a gross rent multiplier to determine market value is _
Michigan Constitution
market value; existing property
GRM X MARKET RENT = MARKET VALUE
County multipliers

44. The BOR _ and _ the roll
February 20
assessor and Board of Review
potential gross income
receives and reviews

45. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
12
fee simple
value in exchange
to hear appeals of the tentative taxable value

46. Personal property statemetns are due on _
rate x value
Rectangular survey; metes and bounds; platted or recorded subdivision
tangible or intangible
February 20

47. A private claim describes property that was occupied prior to the _
agricultural personal property; exempt
General Land Office survey
Form L-4022
are not

48. Economic condition factors (are/are not) applied to land and buildings
are not
owners and interested parties of the property to be assessed
ground floor area
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

49. The _ determines the size for rates
sales prices of other parcels similar to the property being appraised
ground floor area
The Land Residual
General Land Office survey

50. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
property record cards and assessment maps
to hear appeals of the tentative taxable value
Form L-4023
expenses not allowable