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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. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
exempted
1 rod
July; July Board of Review
Form L-4046

2. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Township Board; City Council
fee simple
1 rod
Federal Northwest

3. The government is authorized to levy taxes in the _
County Board of Commissioners
Tuesday following First Monday
Michigan Constitution
demand one

4. Deadline for filing Principal Residence Affidavits
5 -280 lineal feet
CAMA
percent good
May 1

5. The _ to value is best used for mass appraisals being done by the assessor.
General Land Office survey
50%; usual selling price
Cost Approach
are not

6. The formula for calculating tax bills is _
Industrial Facility Tax Abatement
Taxable Value x Millage Rate = Tax Bill
CAMA
Capitalizaiton rate

7. The value property has in a specific use
value in use
exempt
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
Michigan Constitution

8. The value of vacant land is estimated using _
directly benefit
Replacement cost
expenses allowable
sales prices of other parcels similar to the property being appraised

9. A consumer must be able to purchasee the property
5 -280 lineal feet
transferability
a plus adjustemnt for the fireplace to the comp
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

10. The return on the investment called in the capitalization rate is _
a plus adjustemnt for the fireplace to the comp
12
Interest or discount
gross rent multipliers

11. 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 _
first Monday in June
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
Michigan Constitution
$421 -052

12. Tax day
lots and blocks
July; July Board of Review
December 31
supervisor

13. The formula for calculating income is _
is
demand one
Michigan Constitution
rate x value

14. A depth factor chart is used to adjust lots that are _
February 20
not standard depth
Michigan General Property Tax Act
Site/location

15. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
Federal Northwest
Michigan General Property Tax Act
are
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

16. The formula for calculating rate is _
income / value
Headlee Amendment
50%; usual selling price
rate x value

17. Initial survey point for Michigan at the intersection of two streets
$421 -052
Genesee County
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
fee simple

18. Methods used to describe property in Michigan
not standard depth
sales comparison
Tuesday following the second
Rectangular survey; metes and bounds; platted or recorded subdivision

19. The market rent times the number of units availabe to rent is _
1 rod
potential gross income
is
Rectangular computation of area

20. There are _ in a section
owners and interested parties of the property to be assessed
640 acres
income approach
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

21. CAMA system should estimate replacement cost new less depreciation in the _ approach
cost
Triangle computation of area
specific tax
reducing

22. Personal property statemetns are due on _
February 20
estimate the assessment
Capitalizaiton rate
taxation - eminent domain - and police powers

23. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
The Land Residual
percent good
Federal Northwest
branches

24. The definition of the economic principle of highest and best use 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
cost approach
true cash value
uniform rates

25. Enacted in 1893
transferability
exempt
Economic condition factor
Michigan General Property Tax Act

26. In a township - the _ is the secretary of the Board of Review
cost - sales comparison (market) - and income
taxes
40
supervisor

27. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
direct sales comparison
operating expenses
43 -560 square feet
Michigan Constitution

28. Half the base times the height
directly benefit
50%; usual selling price
Triangle computation of area
net income

29. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
property record cards and assessment maps
soil survey; land value
Number 1
Capitalizaiton rate

30. The right to use - occupy - and control a property for the length of the lessee's life
State Tax Commission
owners and interested parties of the property to be assessed
50%; usual selling price
life estate

31. _ soil is considered the most productive
property record cards and assessment maps
Number 1
sales comparison
expenses allowable

32. Used to value the income stream of a property
ground floor area
sales comparison approach
income approach
Headlee Amendment

33. 16 1/2 feet =
physical - functional - and economic
1 rod
economic obsolescense
depreciation

34. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
not standard depth
Form L-4054
sales comparison approach
real property

35. The three approaches to value
Front foot
General Property Tax Act
Tuesday following Third Monday
cost - sales comparison (market) - and income

36. Notice of special assessment public hearings must be given to _
value in exchange
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
agricultural personal property; exempt
owners and interested parties of the property to be assessed

37. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
General Property Tax Act
Rectangular survey; metes and bounds; platted or recorded subdivision
Form L-4024
are not

38. Special assessments are not levied on all real and personal property that...
Rectangular survey; metes and bounds; platted or recorded subdivision
benefits from the special assessment
Industrial Facility Tax Abatement
are

39. Churches - schools - libraries and similar institutions are usually...
$1 per acre
exempt
cost - sales comparison (market) - and income
Form L-4022

40. The second meeting of the BOR is held to _
tangible or intangible
hear appeals from taxpayers or their agents
are not
October 31

41. You verify a sale _
cost approach
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Reproduction cost
is

42. Not transfers of ownership
adverse possession
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
county multipliers
Capitalizaiton rate

43. Net income is _ minus _
Taxable Value x Millage Rate = Tax Bill
expenses not allowable
Divide the sales price by the gross rent
potential income; vacancy - bad debt and operating expenses

44. Capped value is _

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45. Length times the width
Capitalizaiton rate
Headlee Amendment
CAMA
Rectangular computation of area

46. _ are used to value income-producing residential property
to hear appeals of the tentative taxable value
taxation - eminent domain - and police powers
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
gross rent multipliers

47. Potential income minus vacancy - bad debt - and operating expenses is the _
net income
February 20
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
is

48. _ are those expenses necessary for generating income. This includes reserves for replacements - accounting fees - advertising costs - maintenance costs such as lawn care - snow removal - repairs - trash removal - utilities - and a maintenance manager
expenses allowable
General Land Office survey
Cost Approach
income

49. The Board of Review was created by the _ of 1893
taxation - eminent domain - and police powers
Township Board; City Council
640 acres
General Property Tax Act

50. Cost to construct an exact duplicate of the subject
reproduction cost
physical - functional - and economic
fee simple - partial estate - and life estate
640 acres