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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. Half the base times the height
utility - scarcity - desirability - transferability
Triangle computation of area
rate x value
Reproduction cost

2. _ are applied to the cost schedules in the manuals
General Land Office survey
demand one
present worth
County multipliers

3. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
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
exempt
Form L-4024
sales comparison approach

4. When appraising a commercial building - you should remember that unlike building - land is...
Economic condition factor
Form L-4024
never depreciated
Board of Review; Michigan Tax Tribunal

5. If a business fails to file a personal property statement - the assessor shall _
General Land Office survey
utility - scarcity - desirability - transferability
1 rod
estimate the assessment

6. The market rent times the number of units availabe to rent is _
income
potential gross income
Capitalizaiton rate
the property owner or lessee - or the local government may begin the process of its own volition

7. Management costs in timber-cutover include _ which are usually the largest expense in this classification
present worth
December 31
taxes
estimate the assessment

8. May change assessment for current year
Triangle computation of area
Headlee Amendment
Income / rate
March BOR

9. The definition of market value is _
are not
Private Forest Reserve
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
43 -560 square feet

10. Length times the width
effective gross income
Rectangular computation of area
partial estate
direct sales comparison

11. Initial survey point for Michigan at the intersection of two streets
branches
real property
a plus adjustemnt for the fireplace to the comp
Genesee County

12. The capitalization rate includes the _ - _ and the _
Site/location
discount rate - recapture rate - effective tax rate
GRM X MARKET RENT = MARKET VALUE
Triangle computation of area

13. Deadline for filing personal property statements
February 20
Form L-4022
50%; usual selling price
Rectangular survey; metes and bounds; platted or recorded subdivision

14. _ are expenses that may be part of the capitalization rate such as depreciation and property taxes or capital improvement expenses and the owner's costs and corporation costs; also not income taxes.
track land sales
determining the primary use of the property; in this case probably agricultural or residential
expenses not allowable
real and personal

15. Personal property forms must be approved by the _
supervisor
Interest or discount
Michigan Constitution
State Tax Commission

16. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Industrial Facility Tax Abatement
cost
Form L-4023
12

17. 1 acre =
December 31
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Interest or discount
43 -560 square feet

18. The rights of ownership removed by government are _
power to tax - eminent domain - police power - escheat
Federal Northwest
Income / rate
July; July Board of Review

19. The three categories of depreciation are _
Form L-4260
Form L-4046
$421 -052
physical - functional - and economic

20. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Form L-4025
3/4 Proposal
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Township Board; City Council

21. IFT certificates are granted for _ years with a possible 2-year construction period
12
direct sales comparison
Replacement cost
cost

22. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
soil survey; land value
taxes
agricultural personal property; exempt
Form L-4260

23. Taxable unless specifically exempted
July; July Board of Review
real and personal
fee simple - partial estate - and life estate
Tuesday following; first Monday in March

24. 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 _
directly benefit
Interest or discount
$421 -052
General Property Tax Act

25. 1 mile =
5 -280 lineal feet
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
never the land
lots and blocks

26. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
State Tax Commission
receives and reviews
Site/location
43 -560 square feet

27. Unknown dimension formula
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
supervisor
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
# of acres times 43 -560 divided by known dimension

28. The income approach calculates the _ of a future income stream
taxes
present worth
ground floor area
to hear appeals of the tentative taxable value

29. Personal property may be _
market rent
sales prices of other parcels similar to the property being appraised
by contacting one of the parties to the transaction (buyer - seller - or realtor)
tangible or intangible

30. _ soil is considered the most productive
Summation Method- Bank of Investment Method - and Market Comparison Method
Front foot
Number 1
soil survey; land value

31. 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.
40
not standard depth
3/4 Proposal
real estate

32. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
electors
Economic condition factor
true cash value
October 31

33. The first meeting of the BOR is held on the _
fee simple - partial estate - and life estate
real property
Tuesday following; first Monday in March
36 sections

34. _ is a loss in value caused by factors outside the property
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
economic obsolescense
cost
northeast corner with section 1 and proceed west to section 6

35. Special assessments are not levied on all real and personal property that...
February 20
benefits from the special assessment
sales comparison
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

36. The formula for using a gross rent multiplier to determine market value is _
potential income; vacancy - bad debt and operating expenses
General Property Tax Act
sales comparison
GRM X MARKET RENT = MARKET VALUE

37. The value of vacant land is estimated using _
contract rent
operating expenses
sales prices of other parcels similar to the property being appraised
potential income; vacancy - bad debt and operating expenses

38. Movable irrigation systems including pumps not an integral part of a well are _ and are _
potential income; vacancy - bad debt and operating expenses
agricultural personal property; exempt
never depreciated
depreciation

39. True cash value is _
never the land
supervisor
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
Interest or discount

40. The return on the investment called in the capitalization rate is _
Genesee County
real property
market rent
Interest or discount

41. Not transfers of ownership
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
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
fee simple
43 -560 square feet

42. _ is estimating the cost of an exact duplication of the building
General Land Office survey
Taxable Value X Millage Rate
Reproduction cost
exempt

43. Churches - schools - libraries and similar institutions are usually...
reproduction cost
exempt
potential income; vacancy - bad debt and operating expenses
sales prices of other parcels similar to the property being appraised

44. It (is not necessary to use __________ when valuing agricultural property.
county multipliers
real property
Form L-4025
sales prices of other parcels similar to the property being appraised

45. Public rights-of-way are _
exempt
Rectangular computation of area
July and December BOR
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

46. A depth factor chart is used to adjust lots that are _
Genesee County
Michigan General Property Tax Act
at value
not standard depth

47. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
the property owner or lessee - or the local government may begin the process of its own volition
power to tax - eminent domain - police power - escheat
real property
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

48. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
soil survey; land value
exempt
net income
GRM X MARKET RENT = MARKET VALUE

49. Article 9 of the Michigan Constitution provides for uniform property taxation which may not exceed _ of true cash value which is defined as being the _
CAMA
The Land Residual
gross rent multipliers
50%; usual selling price

50. The government is authorized to levy taxes in the _
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
Economic condition factor
value in exchange
Michigan Constitution