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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 formula for calculating rate is _
Form L-4054
income / value
Number 1
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

2. Potential income minus vacancy - bad debt - and operating expenses is the _
net income
Tuesday following the second
at value
General Property Tax Act

3. There are _ in a geographical township
Michigan General Property Tax Act
Front foot
utility - scarcity - desirability - transferability
36 sections

4. Equity within the county is the responsibility of the _
County Board of Commissioners
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Tuesday following Third Monday
transferability

5. The formula for calculating value is _
potential income; vacancy - bad debt and operating expenses
true cash value
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Income / rate

6. The formula for using a gross rent multiplier to determine market value is _
specific tax
$1 per acre
GRM X MARKET RENT = MARKET VALUE
directly benefit

7. IFT certificates are granted for _ years with a possible 2-year construction period
February 20
Township Board; City Council
12
at value

8. is the rent a property could command on the open market
market rent
3/4 Proposal
fee simple
Summation Method- Bank of Investment Method - and Market Comparison Method

9. Management costs in timber-cutover include _ which are usually the largest expense in this classification
County Board of Commissioners
branches
Headlee Amendment
taxes

10. The General Property Tax Law states that agricultural operations means farming in all its _
branches
lots and blocks
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
Tuesday following the second

11. The market rent times the number of units availabe to rent is _
Open Meetings Act
Circle computation of area
potential gross income
replacement cost new; depreciation

12. Movable irrigation systems including pumps not an integral part of a well are _ and are _
are not
not standard depth
Form L-4022
agricultural personal property; exempt

13. Deadline for filing personal property statements
Federal Northwest
cost
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
February 20

14. 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 _
Circle computation of area
Board of Review; Michigan Tax Tribunal
present worth
$421 -052

15. _ soil is considered the most productive
Tuesday following First Monday
a plus adjustemnt for the fireplace to the comp
Number 1
12

16. _ are applied to the cost schedules in the manuals
Tuesday following First Monday
value in exchange
County multipliers
by contacting one of the parties to the transaction (buyer - seller - or realtor)

17. Special assessments are not levied on all real and personal property that...
is
agricultural personal property; exempt
benefits from the special assessment
income approach

18. To calculate a gross rent multiplier - _
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
are not
43 -560 square feet
Divide the sales price by the gross rent

19. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
Genesee County
soil survey; land value
are not
State Tax Commission

20. Value is determined by _
desirability
Form L-4054
never depreciated
utility - scarcity - desirability - transferability

21. In a township - the _ is the secretary of the Board of Review
Township Board; City Council
market comparison approach; cost approach
supervisor
gross rent multipliers

22. The three categories of depreciation are _
State Tax Commission
General Property Tax Act
ground floor area
physical - functional - and economic

23. _ is a loss in value caused by factors outside the property
estimate the assessment
sales prices of other parcels similar to the property being appraised
Number 1
economic obsolescense

24. The three principal steps in the cost approach are _
Federal Northwest
Tuesday following; first Monday in March
fee simple - partial estate - and life estate
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

25. 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.
Cost Approach
demand one
income approach
3/4 Proposal

26. Compares the property beign appraised to similar properties that have recently sold
contract rent
desirability
fee simple - partial estate - and life estate
sales comparison approach

27. Used to value the income stream of a property
local government unit
discount rate - recapture rate - effective tax rate
income approach
Michigan Constitution

28. Churches - schools - libraries and similar institutions are usually...
exempt
cost - sales comparison (market) - and income
sales comparison approach
Board of Review; Michigan Tax Tribunal

29. The most common types of ownership are _
county multipliers
not standard depth
fee simple - partial estate - and life estate
$421 -052

30. _ is the rent actually received for a property
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
gross rent multipliers
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
contract rent

31. You verify a sale _
Form L-4046
50%; usual selling price
market comparison approach; cost approach
by contacting one of the parties to the transaction (buyer - seller - or realtor)

32. A platted subdivision is described by _
desirability
lots and blocks
43 -560 square feet
1 rod

33. The formula for calculating tax bills is _
expenses allowable
Form L-4024
Taxable Value x Millage Rate = Tax Bill
Michigan General Property Tax Act

34. The _ must approve the application for an IFT before the State Tax Commission approves the application
1 rod
income approach
not standard depth
local government unit

35. Tax day
reproduction cost
December 31
sales prices of other parcels similar to the property being appraised
March BOR

36. True cash value is _
36 sections
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
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
real estate

37. Unknown dimension formula
true cash value
# of acres times 43 -560 divided by known dimension
potential income; vacancy - bad debt and operating expenses
income

38. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
Private Forest Reserve
# of acres times 43 -560 divided by known dimension
Income / rate
benefits from the special assessment

39. CAMA system should estimate replacement cost new less depreciation in the _ approach
Cost Approach
exempt
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
cost

40. Cost to construct an exact duplicate of the subject
by contacting one of the parties to the transaction (buyer - seller - or realtor)
benefits from the special assessment
Number 1
reproduction cost

41. The value of vacant land is estimated using _
sales prices of other parcels similar to the property being appraised
cost - sales comparison (market) - and income
present worth
Interest or discount

42. Notice of special assessment public hearings must be given to _
# of acres times 43 -560 divided by known dimension
adverse possession
owners and interested parties of the property to be assessed
expenses allowable

43. _ includes the discount rate - recapture rate - and the effective rate.
Divide the sales price by the gross rent
contract rent
Capitalizaiton rate
sales prices of other parcels similar to the property being appraised

44. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
lots and blocks
Form L-4054
percent good
cost - sales comparison (market) - and income

45. Equity at the local level is the responsibility of the _
never the land
assessor and Board of Review
5 -280 lineal feet
cost

46. It is necessary to have an evening meeting unless the residents...
Genesee County
demand one
Form L-4022
March BOR

47. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
property record cards and assessment maps
the property owner or lessee - or the local government may begin the process of its own volition
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
Reproduction cost

48. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
Number 1
beginning value the following year
effective gross income
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

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 _
tangible or intangible
50%; usual selling price
The Land Residual
exempt

50. The government retains the following powers
State Tax Commission
1 rod
taxation - eminent domain - and police powers
County multipliers