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. Special assessments are not levied on all real and personal property that...
benefits from the special assessment
Rectangular computation of area
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
Headlee Amendment

2. _ measures value in exchange; it is based on the principle of substitution
utility - scarcity - desirability - transferability
direct sales comparison
Taxable Value x Millage Rate = Tax Bill
Reproduction cost

3. Personal property statemetns are due on _
agricultural personal property; exempt
operating expenses
Income / rate
February 20

4. 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
Interest or discount
sales comparison
determining the primary use of the property; in this case probably agricultural or residential
Headlee Amendment

5. Churches - schools - libraries and similar institutions are usually...
cost approach
Headlee Amendment
Triangle computation of area
exempt

6. Leased property is...
county multipliers
partial estate
market comparison approach; cost approach
Circle computation of area

7. The capitalization rate includes the _ - _ and the _
discount rate - recapture rate - effective tax rate
effective gross income
gross rent multipliers
Interest or discount

8. The _ must approve the application for an IFT before the State Tax Commission approves the application
income
local government unit
Form L-4023
State Tax Commission

9. There are _ in a geographical township
real estate
Divide the sales price by the gross rent
Rectangular survey; metes and bounds; platted or recorded subdivision
36 sections

10. Buildings on leased lands _ personal property
are
640 acres
discount rate - recapture rate - effective tax rate
branches

11. A consumer must be able to purchasee the property
present worth
Tuesday following the second
transferability
The Land Residual

12. Proposal A had the immediate result of _ property taxes in the state
market value; existing property
40
reducing
economic obsolescense

13. The formula for using a gross rent multiplier to determine market value is _
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
lots and blocks
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
GRM X MARKET RENT = MARKET VALUE

14. In a cost approach program - the computer system should estimate _ less _
Township Board; City Council
replacement cost new; depreciation
desirability
Tuesday following the second

15. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
$1 per acre
Open Meetings Act
are not
5 -280 lineal feet

16. _ includes the discount rate - recapture rate - and the effective rate.
expenses not allowable
are
Capitalizaiton rate
expenses allowable

17. The government is authorized to levy taxes in the _
Site/location
typical farm buildings
Front foot
Michigan Constitution

18. In July and December - the BOR may meet to _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
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
Open Meetings Act
income

19. The formula for calculating rate is _
income / value
fee simple - partial estate - and life estate
ground floor area
Tuesday following First Monday

20. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
exempt
depreciation
Reproduction cost
determining the primary use of the property; in this case probably agricultural or residential

21. Requires that the ratio of assessments to true cash value not exceed 50%
life estate
income approach
Michigan Constitution
Rectangular survey; metes and bounds; platted or recorded subdivision

22. Value is determined by _
Michigan General Property Tax Act
beginning value the following year
utility - scarcity - desirability - transferability
income approach

23. The amount of money or goods you can receive if you sell property
never the land
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
value in exchange
tangible or intangible

24. Formula used to calculate taxes is _
gross rent multipliers
Taxable Value X Millage Rate
Form L-4260
General Property Tax Act

25. _ are applied to the cost schedules in the manuals
Form L-4054
physical - functional - and economic
exempt
County multipliers

26. The most common types of ownership are _
$1 per acre
fee simple - partial estate - and life estate
43 -560 square feet
are not

27. 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
track land sales
Township Board; City Council
Capitalizaiton rate

28. The difference between commercial and industrial property is _
Triangle computation of area
sales comparison
Industrial Facility Tax Abatement
Form L-4024

29. Public rights-of-way are _
GRM X MARKET RENT = MARKET VALUE
exempt
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
are

30. July Board of Review begins
40
are not
43 -560 square feet
Tuesday following Third Monday

31. The three approaches to value
tangible or intangible
real and personal
Genesee County
cost - sales comparison (market) - and income

32. Tax day
December 31
expenses not allowable
local government unit
sales comparison approach

33. CAMA system should estimate replacement cost new less depreciation in the _ approach
reproduction cost
determining the primary use of the property; in this case probably agricultural or residential
cost
Industrial Facility Tax Abatement

34. If the interest rate is 5% - the effective tax rate is 2% - the recapture rate is 2.5% - and the income attributed to the building is $40 -000. The value of the building is _
July and December BOR
northeast corner with section 1 and proceed west to section 6
Tuesday following First Monday
$421 -052

35. 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 _
are not
potential income; vacancy - bad debt and operating expenses
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
adverse possession

36. Monday December Board of Review begins
Tuesday following the second
supervisor
adverse possession
estimate the assessment

37. Half the base times the height
Triangle computation of area
36 sections
Capitalizaiton rate
northeast corner with section 1 and proceed west to section 6

38. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
real estate
soil survey; land value
expenses not allowable
July and December BOR

39. A platted subdivision is described by _
operating expenses
sales comparison approach
to hear appeals of the tentative taxable value
lots and blocks

40. Management costs in timber-cutover include _ which are usually the largest expense in this classification
taxes
State Tax Commission
Form L-4260
Michigan General Property Tax Act

41. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
operating expenses
determining the primary use of the property; in this case probably agricultural or residential
February 20
economic obsolescense

42. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
soil survey; land value
General Property Tax Act
real property
property record cards and assessment maps

43. One use of land value maps is to _
Economic condition factor
3/4 Proposal
Headlee Amendment
track land sales

44. Personal property forms must be approved by the _
Cost Approach
Taxable Value x Millage Rate = Tax Bill
County Board of Commissioners
State Tax Commission

45. IFT's affect only the building value...
never the land
benefits from the special assessment
Economic condition factor
General Property Tax Act

46. Radius squared times Pi (3.1416)
Circle computation of area
State Tax Commission
Tuesday following Third Monday
uniform rates

47. Depreciation in the assessing process is expressed as a _
36 sections
percent good
gross rent multipliers
power to tax - eminent domain - police power - escheat

48. Cost to construct improvement with the same functional utility of the subject
not standard depth
agricultural personal property; exempt
present worth
replacement cost

49. The usual reference source regarding assessment and taxes
income approach
General Property Tax Act
desirability
640 acres

50. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
Form L-4023
CAMA
October 31
Site/location