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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. Formula used to calculate taxes is _
never depreciated
Taxable Value X Millage Rate
County Board of Commissioners
reproduction cost

2. Initial survey point for Michigan at the intersection of two streets
Tuesday following; first Monday in March
agricultural personal property; exempt
Genesee County
cost

3. Michigan's Constitution provides for _ of taxation
Industrial Facility Tax Abatement
soil survey; land value
percent good
uniform rates

4. _ is estimating the cost of an exact duplication of the building
Reproduction cost
Front foot
desirability
Economic condition factor

5. A limits the maximum amount of ad valorem taxes that may be levied for school district operating purposes. The change this maximum requires a vote of _ of the legislature to approve.
local government unit
Interest or discount
3/4 Proposal
reducing

6. Notices of the decisions of the BOR must be mailed by the _
first Monday in June
State Tax Commission
Economic condition factor
real and personal

7. _ is the rent actually received for a property
Tuesday following the second
contract rent
Form L-4154
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

8. The definition of market value is _
owners and interested parties of the property to be assessed
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
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
General Land Office survey

9. 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
sales comparison
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
never the land
real estate

10. Half the base times the height
Form L-4025
County Board of Commissioners
estimate the assessment
Triangle computation of area

11. The value of vacant land is estimated using _
sales prices of other parcels similar to the property being appraised
Summation Method- Bank of Investment Method - and Market Comparison Method
43 -560 square feet
lots and blocks

12. The second meeting of the BOR is held to _
partial estate
hear appeals from taxpayers or their agents
July and December BOR
Form L-4154

13. _ includes the discount rate - recapture rate - and the effective rate.
Capitalizaiton rate
lots and blocks
income approach
exempt

14. Used to value the income stream of a property
Site/location
income approach
July; July Board of Review
market rent

15. Potential income minus vacancy - bad debt - and operating expenses is the _
Form L-4046
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
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
net income

16. _ are applied to the cost schedules in the manuals
Form L-4023
March BOR
County multipliers
typical farm buildings

17. Equity within the 83 counties of the state is the responsibility of the _
branches
State Tax Commission
directly benefit
Tuesday following; first Monday in March

18. _ 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
county multipliers
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
assessor and Board of Review
State Tax Commission

19. Depreciation in the assessing process is expressed as a _
never depreciated
percent good
Income / rate
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

20. _ soil is considered the most productive
Number 1
transferability
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
Form L-4054

21. Radius squared times Pi (3.1416)
Circle computation of area
market value; existing property
40
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

22. True cash value is _
soil survey; land value
income approach
Circle computation of area
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

23. When measuring a house - you use _ measurements
specific tax
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
a plus adjustemnt for the fireplace to the comp
exterior

24. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
income
Form L-4024
receives and reviews
Private Forest Reserve

25. A consumer must want the product for it to have value
never depreciated
at value
electors
desirability

26. Cost to construct improvement with the same functional utility of the subject
Taxable Value X Millage Rate
exterior
replacement cost
July; July Board of Review

27. To calculate a gross rent multiplier - _
Michigan Constitution
Divide the sales price by the gross rent
CAMA
replacement cost

28. March Board of Review begins
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
Tuesday following First Monday
median
General Property Tax Act

29. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
Michigan Constitution
Open Meetings Act
market comparison approach; cost approach
General Land Office survey

30. is the rent a property could command on the open market
Form L-4054
market rent
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
December 31

31. Michigan's Constitution uses _ to determine assessments
Form L-4023
determining the primary use of the property; in this case probably agricultural or residential
true cash value
income

32. The formula for calculating income is _
sales comparison
replacement cost
The Land Residual
rate x value

33. Special assessment districts are commonly used for _
sales comparison approach
expenses allowable
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Township Board; City Council

34. Who may ask for establishment of an industrial facility tax exemption district?
the property owner or lessee - or the local government may begin the process of its own volition
County Board of Commissioners
contract rent
# of acres times 43 -560 divided by known dimension

35. The formula for calculating rate is _
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
income / value
discount rate - recapture rate - effective tax rate

36. Public rights-of-way are _
Form L-4023
exempt
typical farm buildings
Rectangular survey; metes and bounds; platted or recorded subdivision

37. _ are used to value income-producing residential property
gross rent multipliers
owners and interested parties of the property to be assessed
replacement cost
uniform rates

38. A private claim describes property that was occupied prior to the _
General Land Office survey
life estate
Michigan General Property Tax Act
percent good

39. July Board of Review begins
benefits from the special assessment
Tuesday following Third Monday
adverse possession
income

40. _ is a loss in value caused by factors outside the property
sales comparison approach
economic obsolescense
county multipliers
Reproduction cost

41. The capitalization rate includes the _ - _ and the _
Interest or discount
discount rate - recapture rate - effective tax rate
first Monday in June
true cash value

42. The four basic steps in the sales comparison approach is _
General Land Office survey
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
exterior
Cost Approach

43. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
$421 -052
Form L-4154
not standard depth
Rectangular survey; metes and bounds; platted or recorded subdivision

44. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
real and personal
40
income / value
February 20

45. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Summation Method- Bank of Investment Method - and Market Comparison Method
Form L-4023
sales prices of other parcels similar to the property being appraised
Board of Review; Michigan Tax Tribunal

46. The government is authorized to levy taxes in the _
50%; usual selling price
the property owner or lessee - or the local government may begin the process of its own volition
Michigan Constitution
Headlee Amendment

47. The discount rate may be developed by the following:
power to tax - eminent domain - police power - escheat
General Property Tax Act
Summation Method- Bank of Investment Method - and Market Comparison Method
expenses not allowable

48. The difference between commercial and industrial property is _
Industrial Facility Tax Abatement
Form L-4054
cost
lots and blocks

49. The return on the investment called in the capitalization rate is _
State Tax Commission
operating expenses
receives and reviews
Interest or discount

50. It is necessary to have an evening meeting unless the residents...
demand one
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
to hear appeals of the tentative taxable value
never depreciated