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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. _ is estimating the cost of an exact duplication of the building
taxes
Reproduction cost
utility - scarcity - desirability - transferability
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

2. _ 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
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Form L-4024
July and December BOR
median

3. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
ground floor area
beginning value the following year
State Tax Commission
Divide the sales price by the gross rent

4. Equity within the county is the responsibility of the _
are not
real property
real estate
County Board of Commissioners

5. Public rights-of-way are _
exempt
real property
receives and reviews
expenses allowable

6. The cost approach is used to estimate _ of an _
market rent
median
Michigan General Property Tax Act
market value; existing property

7. IFT certificates are granted for _ years with a possible 2-year construction period
12
lots and blocks
Federal Northwest
40

8. The three categories of depreciation are _
1 rod
Rectangular survey; metes and bounds; platted or recorded subdivision
Township Board; City Council
physical - functional - and economic

9. Approved by voters in 1978
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
are not
Headlee Amendment
$1 per acre

10. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
never depreciated
directly benefit
Private Forest Reserve
expenses allowable

11. 1 mile =
$421 -052
5 -280 lineal feet
Income / rate
real and personal

12. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
market comparison approach; cost approach
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
sales comparison approach
General Property Tax Act

13. _ are used to value income-producing residential property
potential income; vacancy - bad debt and operating expenses
local government unit
gross rent multipliers
County Board of Commissioners

14. If the subject property has a fireplace and air-conditioning and the comp has only air-conditioning - what adjustment would be made to what property?
Triangle computation of area
Form L-4022
percent good
a plus adjustemnt for the fireplace to the comp

15. The first meeting of the BOR is held on the _
power to tax - eminent domain - police power - escheat
Tuesday following; first Monday in March
partial estate
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

16. The value property has in a specific use
income
value in use
demand one
determining the primary use of the property; in this case probably agricultural or residential

17. Market value of property is _
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
supervisor
Genesee County
sales comparison approach

18. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
median
Form L-4025
true cash value
40

19. True cash value is _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
market value; existing property
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
market rent

20. Cost to construct an exact duplicate of the subject
July; July Board of Review
demand one
State Tax Commission
reproduction cost

21. The market rent times the number of units availabe to rent is _
CAMA
Tuesday following First Monday
a plus adjustemnt for the fireplace to the comp
potential gross income

22. _ 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
Form L-4046
July; July Board of Review
percent good
expenses allowable

23. The highest degree of ownership
Michigan Constitution
fee simple
are not
income / value

24. Capped value is _

25. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
fee simple
market rent
to hear appeals of the tentative taxable value
July and December BOR

26. IFT's affect only the building value...
never the land
Taxable Value X Millage Rate
May 1
GRM X MARKET RENT = MARKET VALUE

27. Formula used to calculate taxes is _
property record cards and assessment maps
agricultural personal property; exempt
Taxable Value X Millage Rate
taxation - eminent domain - and police powers

28. The BOR _ and _ the roll
receives and reviews
determining the primary use of the property; in this case probably agricultural or residential
Divide the sales price by the gross rent
1 rod

29. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
The Land Residual
soil survey; land value
sales comparison approach
never the land

30. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
Triangle computation of area
October 31
contract rent
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

31. The physical land and any structure attached to it
Tuesday following First Monday
February 20
market value; existing property
real estate

32. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
Genesee County
Triangle computation of area
real property
determining the primary use of the property; in this case probably agricultural or residential

33. Enacted in 1893
Michigan General Property Tax Act
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
1 rod
Tuesday following Third Monday

34. Sections in a township start _
County multipliers
determining the primary use of the property; in this case probably agricultural or residential
desirability
northeast corner with section 1 and proceed west to section 6

35. There are _ in a geographical township
36 sections
supervisor
State Tax Commission
expenses allowable

36. Computer assisted mass appraisal
sales comparison approach
expenses allowable
CAMA
Cost Approach

37. The three principal steps in the cost approach are _
Income / rate
exempted
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
estimate the assessment

38. The four basic steps in the sales comparison approach is _
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject 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
branches
December 31

39. In a cost approach program - the computer system should estimate _ less _
sales comparison
replacement cost new; depreciation
uniform rates
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

40. 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.
3/4 Proposal
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
beginning value the following year
operating expenses

41. Definition of ad valorem
Form L-4054
at value
adverse possession
are not

42. The second meeting of the BOR is held to _
December 31
hear appeals from taxpayers or their agents
property record cards and assessment maps
February 20

43. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
median
the property owner or lessee - or the local government may begin the process of its own volition
Form L-4025
Tuesday following the second

44. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
Triangle computation of area
power to tax - eminent domain - police power - escheat
The Land Residual
Form L-4024

45. If a business fails to file a personal property statement - the assessor shall _
Replacement cost
present worth
estimate the assessment
Form L-4025

46. _ 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.
expenses not allowable
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
demand one
replacement cost

47. Deadline for filing Principal Residence Affidavits
replacement cost
May 1
power to tax - eminent domain - police power - escheat
income

48. Personal property statemetns are due on _
Taxable Value x Millage Rate = Tax Bill
February 20
cost
Michigan Constitution

49. Length times the width
Rectangular computation of area
hear appeals from taxpayers or their agents
economic obsolescense
expenses not allowable

50. The Tuesday following the third Monday in _ is the _ meeting.
The Land Residual
July; July Board of Review
3/4 Proposal
Form L-4022