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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. Personal property statemetns are due on _
February 20
Rectangular computation of area
cost
never the land

2. When measuring a house - you use _ measurements
Form L-4260
expenses allowable
exterior
gross rent multipliers

3. Inventory (is/is not) exempt
Front foot
never depreciated
3/4 Proposal
is

4. Requires that the ratio of assessments to true cash value not exceed 50%
Michigan Constitution
Tuesday following the second
potential income; vacancy - bad debt and operating expenses
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

5. Value is determined by _
Tuesday following First Monday
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
utility - scarcity - desirability - transferability
State Tax Commission

6. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Open Meetings Act
Tuesday following First Monday
Form L-4023
sales prices of other parcels similar to the property being appraised

7. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
40
market comparison approach; cost approach
potential income; vacancy - bad debt and operating expenses
utility - scarcity - desirability - transferability

8. The rights of ownership removed by government are _
exempted
5 -280 lineal feet
power to tax - eminent domain - police power - escheat
3/4 Proposal

9. Compares the property beign appraised to similar properties that have recently sold
Economic condition factor
a plus adjustemnt for the fireplace to the comp
sales comparison approach
Form L-4024

10. Net income is _ minus _
Industrial Facility Tax Abatement
potential income; vacancy - bad debt and operating expenses
October 31
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

11. Formula used to calculate taxes is _
1 rod
Economic condition factor
February 20
Taxable Value X Millage Rate

12. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
northeast corner with section 1 and proceed west to section 6
July and December BOR
expenses allowable

13. The BOR _ and _ the roll
typical farm buildings
May 1
receives and reviews
first Monday in June

14. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
partial estate
Township Board; City Council
taxation - eminent domain - and police powers
The Land Residual

15. The discount rate may be developed by the following:
Summation Method- Bank of Investment Method - and Market Comparison Method
median
exempt
first Monday in June

16. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
cost - sales comparison (market) - and income
40
operating expenses
cost

17. July Board of Review begins
Tuesday following Third Monday
receives and reviews
Open Meetings Act
sales prices of other parcels similar to the property being appraised

18. Public rights-of-way are _
branches
exempt
Genesee County
reducing

19. The definition of market value is _
sales prices of other parcels similar to the property being appraised
40
Taxable Value x Millage Rate = Tax Bill
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

20. Deadline for filing personal property statements
estimate the assessment
February 20
direct sales comparison
are

21. Movable irrigation systems including pumps not an integral part of a well are _ and are _
Taxable Value X Millage Rate
Form L-4023
agricultural personal property; exempt
Front foot

22. Cost to construct improvement with the same functional utility of the subject
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Circle computation of area
replacement cost
income approach

23. Taxable unless specifically exempted
real and personal
General Property Tax Act
hear appeals from taxpayers or their agents
median

24. Who may ask for establishment of an industrial facility tax exemption district?
July and December BOR
branches
real and personal
the property owner or lessee - or the local government may begin the process of its own volition

25. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
$1 per acre
County Board of Commissioners
median
value in use

26. _ 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
3/4 Proposal
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
expenses allowable
owners and interested parties of the property to be assessed

27. Michigan's Constitution provides for _ of taxation
uniform rates
Divide the sales price by the gross rent
$1 per acre
July; July Board of Review

28. One use of land value maps is to _
operating expenses
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
CAMA
track land sales

29. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
Form L-4260
first Monday in June
July; July Board of Review
Federal Northwest

30. Churches - schools - libraries and similar institutions are usually...
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 prices of other parcels similar to the property being appraised
Economic condition factor
exempt

31. The definition of the economic principle of highest and best use is _
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
are
exempt
expenses allowable

32. The market rent times the number of units availabe to rent is _
potential gross income
uniform rates
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
estimate the assessment

33. CAMA system should estimate replacement cost new less depreciation in the _ approach
income / value
July and December BOR
cost
life estate

34. The capitalization rate includes the _ - _ and the _
Circle computation of area
discount rate - recapture rate - effective tax rate
transferability
Open Meetings Act

35. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
cost
taxes
Form L-4054
income / value

36. The usual reference source regarding assessment and taxes
3/4 Proposal
General Property Tax Act
gross rent multipliers
never the land

37. Leased property is...
sales prices of other parcels similar to the property being appraised
income approach
partial estate
Form L-4024

38. The first meeting of the BOR is held on the _
rate x value
Tuesday following; first Monday in March
life estate
Headlee Amendment

39. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
northeast corner with section 1 and proceed west to section 6
value in exchange
GRM X MARKET RENT = MARKET VALUE
Site/location

40. Vacant land adjustments have to be made for differences in _
cost
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
northeast corner with section 1 and proceed west to section 6
fee simple

41. 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?
a plus adjustemnt for the fireplace to the comp
October 31
December 31
Michigan Constitution

42. Initial survey point for Michigan at the intersection of two streets
market value; existing property
Genesee County
General Property Tax Act
cost approach

43. Personal property may be _
typical farm buildings
soil survey; land value
Number 1
tangible or intangible

44. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Form L-4054
Form L-4025
$1 per acre

45. In July and December - the BOR may meet to _
at value
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
power to tax - eminent domain - police power - escheat
transferability

46. To calculate a gross rent multiplier - _
electors
May 1
transferability
Divide the sales price by the gross rent

47. _ are applied to the cost schedules in the manuals
Summation Method- Bank of Investment Method - and Market Comparison Method
Form L-4023
County multipliers
Number 1

48. Michigan's Constitution uses _ to determine assessments
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
County Board of Commissioners
market value; existing property
true cash value

49. Special assessment districts are commonly used for _
Cost Approach
median
reducing
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

50. March Board of Review begins
life estate
State Tax Commission
Board of Review; Michigan Tax Tribunal
Tuesday following First Monday