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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. The highest degree of ownership
uniform rates
fee simple
typical farm buildings
net income

2. Equity within the county is the responsibility of the _
County Board of Commissioners
track land sales
Tuesday following the second
supervisor

3. _ are applied to the cost schedules in the manuals
County multipliers
Taxable Value x Millage Rate = Tax Bill
adverse possession
direct sales comparison

4. Michigan's Constitution provides for _ of taxation
value in use
economic obsolescense
uniform rates
Cost Approach

5. Sections in a township start _
fee simple
taxation - eminent domain - and police powers
Form L-4046
northeast corner with section 1 and proceed west to section 6

6. _ 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
Form L-4025
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
General Land Office survey
real and personal

7. One use of land value maps is to _
demand one
36 sections
track land sales
determining the primary use of the property; in this case probably agricultural or residential

8. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
Open Meetings Act
October 31
Reproduction cost
is

9. 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 _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
$421 -052
Site/location
determining the primary use of the property; in this case probably agricultural or residential

10. Value is determined by _
exempt
exempt
utility - scarcity - desirability - transferability
Economic condition factor

11. Equity within the 83 counties of the state is the responsibility of the _
are not
specific tax
State Tax Commission
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

12. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
desirability
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Taxable Value x Millage Rate = Tax Bill

13. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
$421 -052
median
May 1
County Board of Commissioners

14. The amount of money or goods you can receive if you sell property
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
value in exchange
GRM X MARKET RENT = MARKET VALUE
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

15. Not transfers of ownership
December 31
northeast corner with section 1 and proceed west to section 6
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
Township Board; City Council

16. All meetings of the BOR are governed by the _
Open Meetings Act
depreciation
Replacement cost
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

17. Cost to construct an exact duplicate of the subject
demand one
Form L-4260
reproduction cost
northeast corner with section 1 and proceed west to section 6

18. The formula for calculating value is _
1 rod
cost - sales comparison (market) - and income
March BOR
Income / rate

19. Approved by voters in 1978
life estate
Headlee Amendment
receives and reviews
Form L-4046

20. The formula for calculating rate is _
Economic condition factor
potential gross income
income / value
taxes

21. Public rights-of-way are _
July; July Board of Review
Form L-4025
exempt
February 20

22. The market rent times the number of units availabe to rent is _
March BOR
soil survey; land value
potential gross income
is

23. Deadline for filing personal property statements
effective gross income
taxation - eminent domain - and police powers
February 20
36 sections

24. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
market value; existing property
property record cards and assessment maps
expenses allowable
sales comparison

25. Used to estimate the cost of constructing improvements to the land
fee simple - partial estate - and life estate
Tuesday following First Monday
directly benefit
cost approach

26. Most taxpayers must appeal to the local _ before appealing to the _
Board of Review; Michigan Tax Tribunal
Form L-4023
Headlee Amendment
uniform rates

27. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
# of acres times 43 -560 divided by known dimension
Form L-4023
adverse possession
cost approach

28. The _ determines the size for rates
February 20
are not
ground floor area
supervisor

29. _ is estimating the cost of a building of similar design and utility
Form L-4054
General Property Tax Act
1 rod
Replacement cost

30. The General Property Tax Law states that agricultural operations means farming in all its _
cost approach
Michigan General Property Tax Act
taxation - eminent domain - and police powers
branches

31. A platted subdivision is described by _
lots and blocks
Federal Northwest
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Rectangular survey; metes and bounds; platted or recorded subdivision

32. _ are used to value income-producing residential property
March BOR
Circle computation of area
Interest or discount
gross rent multipliers

33. 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 _
adverse possession
potential gross income
sales comparison approach
Michigan General Property Tax Act

34. Enacted in 1893
supervisor
net income
real property
Michigan General Property Tax Act

35. Inventory (is/is not) exempt
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
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
is
physical - functional - and economic

36. 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
real and personal
power to tax - eminent domain - police power - escheat
Form L-4046

37. The formula for calculating income is _
Cost Approach
taxes
rate x value
value in use

38. The three principal steps in the cost approach are _
never the land
income / value
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
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

39. The definition of the economic principle of highest and best use is _
assessor and Board of Review
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
median
October 31

40. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Township Board; City Council
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
true cash value
State Tax Commission

41. Tax day
specific tax
demand one
receives and reviews
December 31

42. 1 acre =
not standard depth
sales comparison
43 -560 square feet
Open Meetings Act

43. Michigan's Constitution uses _ to determine assessments
northeast corner with section 1 and proceed west to section 6
true cash value
Form L-4154
Tuesday following the second

44. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
July and December BOR
life estate
taxation - eminent domain - and police powers
never depreciated

45. It (is not necessary to use __________ when valuing agricultural property.
Form L-4024
county multipliers
40
tangible or intangible

46. The formula for calculating tax bills is _
Form L-4046
operating expenses
Taxable Value x Millage Rate = Tax Bill
Rectangular survey; metes and bounds; platted or recorded subdivision

47. Depreciation in the assessing process is expressed as a _
operating expenses
percent good
Township Board; City Council
Industrial Facility Tax Abatement

48. Special assessment districts are commonly used for _
directly benefit
cost - sales comparison (market) - and income
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
receives and reviews

49. Leased property is...
effective gross income
partial estate
market rent
Michigan Constitution

50. The value property has in a specific use
value in use
receives and reviews
1 rod
Reproduction cost