Test your basic knowledge |

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. Net income is _ minus _
Form L-4046
supervisor
directly benefit
potential income; vacancy - bad debt and operating expenses

2. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
3/4 Proposal
Federal Northwest
branches
5 -280 lineal feet

3. To calculate a gross rent multiplier - _
Form L-4022
Divide the sales price by the gross rent
are not
value in use

4. Notices of the decisions of the BOR must be mailed by the _
true cash value
first Monday in June
soil survey; land value
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

5. Deadline for filing personal property statements
partial estate
Genesee County
ground floor area
February 20

6. Vacant land adjustments have to be made for differences in _
income approach
expenses allowable
property record cards and assessment maps
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

7. Notice of special assessment public hearings must be given to _
owners and interested parties of the property to be assessed
Industrial Facility Tax Abatement
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
Rectangular survey; metes and bounds; platted or recorded subdivision

8. Michigan's Constitution uses _ to determine assessments
true cash value
receives and reviews
real and personal
Headlee Amendment

9. A private claim describes property that was occupied prior to 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
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
determining the primary use of the property; in this case probably agricultural or residential
General Land Office survey

10. All meetings of the BOR are governed by the _
track land sales
expenses not allowable
Open Meetings Act
Form L-4154

11. Monday December Board of Review begins
rate x value
Tuesday following the second
true cash value
Federal Northwest

12. The Board of Review was created by the _ of 1893
General Property Tax Act
net income
Michigan Constitution
assessor and Board of Review

13. 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
not standard depth
Number 1
reducing

14. A platted subdivision is described by _
Genesee County
lots and blocks
potential gross income
property record cards and assessment maps

15. Taxable personal property includes all property not expressly _
are
exempted
rate x 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

16. Equity at the local level is the responsibility of the _
percent good
assessor and Board of Review
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
sales comparison approach

17. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
fee simple - partial estate - and life estate
income
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
potential income; vacancy - bad debt and operating expenses

18. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
income approach
real property
typical farm buildings
property record cards and assessment maps

19. March Board of Review begins
electors
soil survey; land value
net income
Tuesday following First Monday

20. A depth factor chart is used to adjust lots that are _
potential income; vacancy - bad debt and operating expenses
effective gross income
adverse possession
not standard depth

21. The rights of ownership removed by government are _
power to tax - eminent domain - police power - escheat
July and December BOR
utility - scarcity - desirability - transferability
effective gross income

22. _ are used to value income-producing residential property
directly benefit
not standard depth
CAMA
gross rent multipliers

23. Inventory (is/is not) exempt
Headlee Amendment
Tuesday following First Monday
is
Township Board; City Council

24. The formula for calculating income is _
market comparison approach; cost approach
are not
real estate
rate x value

25. It (is not necessary to use __________ when valuing agricultural property.
county multipliers
Site/location
sales comparison
Summation Method- Bank of Investment Method - and Market Comparison Method

26. Radius squared times Pi (3.1416)
assessor and Board of Review
soil survey; land value
economic obsolescense
Circle computation of area

27. Buildings on leased lands _ personal property
beginning value the following year
Rectangular computation of area
Form L-4046
are

28. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
Form L-4154
gross rent multipliers
Cost Approach
Form L-4054

29. Used to value the income stream of a property
Capitalizaiton rate
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
income approach

30. 16 1/2 feet =
transferability
General Property Tax Act
1 rod
Form L-4046

31. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
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
Michigan General Property Tax Act
Form L-4046
county multipliers

32. The first meeting of the BOR is held on the _
reducing
real estate
Tuesday following; first Monday in March
Form L-4046

33. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
CAMA
power to tax - eminent domain - police power - escheat
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
Form L-4023

34. You verify a sale _
expenses allowable
cost
expenses not allowable
by contacting one of the parties to the transaction (buyer - seller - or realtor)

35. Compares the property beign appraised to similar properties that have recently sold
sales comparison approach
Reproduction cost
Taxable Value x Millage Rate = Tax Bill
Tuesday following Third Monday

36. The _ determines the size for rates
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
Michigan General Property Tax Act
ground floor area
desirability

37. When appraising a commercial building - you should remember that unlike building - land is...
never depreciated
General Property Tax Act
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
at value

38. Special assessments are not levied on all real and personal property that...
Taxable Value x Millage Rate = Tax Bill
Tuesday following the second
beginning value the following year
benefits from the special assessment

39. _ is estimating the cost of a building of similar design and utility
taxes
State Tax Commission
Replacement cost
market comparison approach; cost approach

40. Michigan's Constitution provides for _ of taxation
Capitalizaiton rate
Site/location
uniform rates
is

41. Approved by voters in 1978
Headlee Amendment
Open Meetings Act
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
fee simple

42. CAMA system should estimate replacement cost new less depreciation in the _ approach
first Monday in June
cost
by contacting one of the parties to the transaction (buyer - seller - or realtor)
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

43. IFT's affect only the building value...
never the land
uniform rates
Industrial Facility Tax Abatement
track land sales

44. Half the base times the height
transferability
Circle computation of area
Triangle computation of area
40

45. _ 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
Rectangular computation of area
income
Michigan Constitution
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

46. Special assessment districts are commonly used for _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
physical - functional - and economic
potential income; vacancy - bad debt and operating expenses
Interest or discount

47. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
operating expenses
demand one
Form L-4025
December 31

48. Pole barns - silos - and large grain bins are considered _
taxes
typical farm buildings
sales prices of other parcels similar to the property being appraised
Genesee County

49. Management costs in timber-cutover include _ which are usually the largest expense in this classification
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
County multipliers
taxes
Form L-4022

50. If a business fails to file a personal property statement - the assessor shall _
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
agricultural personal property; exempt
Private Forest Reserve