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. The four basic steps in the sales comparison approach is _
percent good
fee simple - partial estate - and life estate
March BOR
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

2. The Commercial Forest Act permits an owner to put property into a program that permits payment of a _ in lieu of the ad valorem rates
exempt
at value
specific tax
transferability

3. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
percent good
directly benefit
benefits from the special assessment
Form L-4025

4. Compares the property beign appraised to similar properties that have recently sold
exempt
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
northeast corner with section 1 and proceed west to section 6
sales comparison approach

5. Notice of special assessment public hearings must be given to _
first Monday in June
owners and interested parties of the property to be assessed
replacement cost new; depreciation
are not

6. 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 _
$421 -052
fee simple
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
true cash value

7. 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 _
Michigan General Property Tax Act
Genesee County
Number 1
50%; usual selling price

8. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
effective gross income
agricultural personal property; exempt
rate x value
Cost Approach

9. Requires that the ratio of assessments to true cash value not exceed 50%
Taxable Value X Millage Rate
median
Michigan Constitution
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

10. Used to estimate the cost of constructing improvements to the land
Reproduction cost
cost approach
State Tax Commission
General Property Tax Act

11. The _ to value is best used for mass appraisals being done by the assessor.
direct sales comparison
never depreciated
Cost Approach
Michigan Constitution

12. The capitalization rate includes the _ - _ and the _
fee simple - partial estate - and life estate
discount rate - recapture rate - effective tax rate
exempt
cost

13. 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
Michigan Constitution
power to tax - eminent domain - police power - escheat
specific tax

14. A consumer must want the product for it to have value
Form L-4024
benefits from the special assessment
desirability
typical farm buildings

15. Deadline for filing personal property statements
May 1
Form L-4024
February 20
GRM X MARKET RENT = MARKET VALUE

16. Tax day
specific tax
soil survey; land value
December 31
February 20

17. The most common types of ownership are _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
income
fee simple - partial estate - and life estate
adverse possession

18. The formula for using a gross rent multiplier to determine market value is _
potential gross income
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
exempt
GRM X MARKET RENT = MARKET VALUE

19. July Board of Review begins
Rectangular survey; metes and bounds; platted or recorded subdivision
are
Tuesday following Third Monday
March BOR

20. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
exempt
beginning value the following year
operating expenses
Township Board; City Council

21. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Replacement cost
not standard depth
Tuesday following Third Monday
Form L-4260

22. A private claim describes property that was occupied prior to the _
income / value
desirability
General Land Office survey
income approach

23. Deadline for filing Principal Residence Affidavits
are not
are not
cost
May 1

24. There are _ in a geographical township
Taxable Value X Millage Rate
October 31
exempted
36 sections

25. The discount rate may be developed by the following:
Summation Method- Bank of Investment Method - and Market Comparison Method
not standard depth
October 31
Headlee Amendment

26. The definition of market value 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
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
specific tax
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

27. Enacted in 1893
October 31
Number 1
The Land Residual
Michigan General Property Tax Act

28. Monday December Board of Review begins
July and December BOR
Tuesday following the second
taxation - eminent domain - and police powers
are

29. To calculate a gross rent multiplier - _
Divide the sales price by the gross rent
partial estate
Private Forest Reserve
tangible or intangible

30. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
real property
income / value
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
fee simple

31. Computer assisted mass appraisal
Reproduction cost
income
Form L-4260
CAMA

32. The return on the investment called in the capitalization rate is _
1 rod
taxes
Interest or discount
Taxable Value X Millage Rate

33. Churches - schools - libraries and similar institutions are usually...
northeast corner with section 1 and proceed west to section 6
exempt
real property
local government unit

34. March Board of Review begins
a plus adjustemnt for the fireplace to the comp
transferability
benefits from the special assessment
Tuesday following First Monday

35. Leased property is...
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Form L-4025
not standard depth
partial estate

36. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
estimate the assessment
Site/location
determining the primary use of the property; in this case probably agricultural or residential
Form L-4022

37. 1 mile =
discount rate - recapture rate - effective tax rate
true cash value
5 -280 lineal feet
Circle computation of area

38. Formula used to calculate taxes is _
expenses allowable
Taxable Value X Millage Rate
February 20
1 rod

39. Personal property forms must be approved by the _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
County multipliers
State Tax Commission
percent good

40. 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?
beginning value the following year
market value; existing property
a plus adjustemnt for the fireplace to the comp
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

41. The rights of ownership removed by government are _
power to tax - eminent domain - police power - escheat
sales comparison
fee simple - partial estate - and life estate
gross rent multipliers

42. It (is not necessary to use __________ when valuing agricultural property.
county multipliers
never the land
Divide the sales price by the gross rent
1 rod

43. If a business fails to file a personal property statement - the assessor shall _
potential income; vacancy - bad debt and operating expenses
partial estate
estimate the assessment
1 rod

44. There are _ in a section
640 acres
Interest or discount
County Board of Commissioners
Triangle computation of area

45. Length times the width
fee simple - partial estate - and life estate
Rectangular computation of area
36 sections
Circle computation of area

46. 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
reducing
determining the primary use of the property; in this case probably agricultural or residential
Form L-4046

47. True cash value is _
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
value in use
50%; usual selling price
assessor and Board of Review

48. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
northeast corner with section 1 and proceed west to section 6
supervisor
Form L-4154
beginning value the following year

49. Initial survey point for Michigan at the intersection of two streets
real estate
income
Genesee County
electors

50. The government retains the following powers
owners and interested parties of the property to be assessed
electors
taxation - eminent domain - and police powers
local government unit