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MCAO: Michigan Certified Assessing Officer

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Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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1. There are _ in a geographical township
exempt
36 sections
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
the property owner or lessee - or the local government may begin the process of its own volition

2. The CAMA system should be able to select comparable sales - make adjustments to the comps - and come up with an estimate of market value for the subject in the _ approach
uniform rates
electors
sales comparison
market rent

3. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
Site/location
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
receives and reviews
rate x value

4. Half the base times the height
Triangle computation of area
Capitalizaiton rate
to hear appeals of the tentative taxable value
Tuesday following the second

5. The formula for using a gross rent multiplier to determine market value is _
supervisor
power to tax - eminent domain - police power - escheat
GRM X MARKET RENT = MARKET VALUE
Income / rate

6. In a township - the _ is the secretary of the Board of Review
desirability
supervisor
directly benefit
hear appeals from taxpayers or their agents

7. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
hear appeals from taxpayers or their agents
Economic condition factor
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

8. The definition of the economic principle of highest and best use is _
February 20
not standard depth
electors
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

9. Compares the property beign appraised to similar properties that have recently sold
State Tax Commission
rate x value
sales comparison approach
present worth

10. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
Michigan General Property Tax Act
life estate
Private Forest Reserve
estimate the assessment

11. July Board of Review begins
640 acres
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
operating expenses
Tuesday following Third Monday

12. The second meeting of the BOR is held to _
Headlee Amendment
hear appeals from taxpayers or their agents
replacement cost
median

13. The usual reference source regarding assessment and taxes
General Property Tax Act
are
life estate
uniform rates

14. When measuring a house - you use _ measurements
exterior
General Property Tax Act
market rent
real estate

15. March Board of Review begins
Industrial Facility Tax Abatement
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
median
Tuesday following First Monday

16. The right to use - occupy - and control a property for the length of the lessee's life
receives and reviews
life estate
Form L-4154
February 20

17. Definition of ad valorem
at value
taxes
Form L-4046
Interest or discount

18. Buildings on leased lands _ personal property
are
ground floor area
hear appeals from taxpayers or their agents
sales prices of other parcels similar to the property being appraised

19. Special assessments must _ the properties in the district
typical farm buildings
directly benefit
life estate
discount rate - recapture rate - effective tax rate

20. Methods used to describe property in Michigan
3/4 Proposal
Rectangular survey; metes and bounds; platted or recorded subdivision
expenses allowable
CAMA

21. Enacted in 1893
Michigan General Property Tax 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
determining the primary use of the property; in this case probably agricultural or residential
reducing

22. When appraising a commercial building - you should remember that unlike building - land is...
direct sales comparison
never depreciated
Michigan General Property Tax Act
Private Forest Reserve

23. Pole barns - silos - and large grain bins are considered _
taxation - eminent domain - and police powers
rate x value
at value
typical farm buildings

24. A consumer must be able to purchasee the property
contract rent
exempted
transferability
first Monday in June

25. Management costs in timber-cutover include _ which are usually the largest expense in this classification
Reproduction cost
reproduction cost
sales comparison
taxes

26. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
taxes
income approach
General Property Tax Act
effective gross income

27. The _ determines the size for rates
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
first Monday in June
ground floor area
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

28. Used to value the income stream of a property
reproduction cost
3/4 Proposal
Tuesday following First Monday
income approach

29. A depth factor chart is used to adjust lots that are _
tangible or intangible
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
not standard depth
by contacting one of the parties to the transaction (buyer - seller - or realtor)

30. Potential income minus vacancy - bad debt - and operating expenses is the _
Form L-4022
directly benefit
net income
property record cards and assessment maps

31. Radius squared times Pi (3.1416)
CAMA
The Land Residual
Circle computation of area
gross rent multipliers

32. It is necessary to have an evening meeting unless the residents...
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
ground floor area
Cost Approach
demand one

33. Personal property may be _
county multipliers
tangible or intangible
exempted
economic obsolescense

34. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
first Monday in June
property record cards and assessment maps
Private Forest Reserve
GRM X MARKET RENT = MARKET VALUE

35. 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
market rent
fee simple
tangible or intangible

36. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
power to tax - eminent domain - police power - escheat
The Land Residual
Private Forest Reserve
Form L-4054

37. Initial survey point for Michigan at the intersection of two streets
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Genesee County
# of acres times 43 -560 divided by known dimension
County Board of Commissioners

38. The rights of ownership removed by government are _
at value
county multipliers
Summation Method- Bank of Investment Method - and Market Comparison Method
power to tax - eminent domain - police power - escheat

39. Notice of special assessment public hearings must be given to _
supervisor
income / value
partial estate
owners and interested parties of the property to be assessed

40. Notices of the decisions of the BOR must be mailed by the _
are not
Form L-4023
Board of Review; Michigan Tax Tribunal
first Monday in June

41. The discount rate may be developed by the following:
Summation Method- Bank of Investment Method - and Market Comparison Method
determining the primary use of the property; in this case probably agricultural or residential
percent good
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

42. Personal property forms must be approved by the _
$421 -052
State Tax Commission
Private Forest Reserve
typical farm buildings

43. Cost to construct an exact duplicate of the subject
General Property Tax Act
5 -280 lineal feet
reproduction cost
sales prices of other parcels similar to the property being appraised

44. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Form L-4046
soil survey; land value
Form L-4260
transferability

45. Personal property statemetns are due on _
are not
Tuesday following the second
agricultural personal property; exempt
February 20

46. Monday December Board of Review begins
Tuesday following the second
depreciation
operating expenses
3/4 Proposal

47. Special assessments are not levied on all real and personal property that...
Triangle computation of area
reducing
reproduction cost
benefits from the special assessment

48. If a business fails to file a personal property statement - the assessor shall _
County Board of Commissioners
estimate the assessment
potential income; vacancy - bad debt and operating expenses
Interest or discount

49. Formula used to calculate taxes is _
agricultural personal property; exempt
is
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Taxable Value X Millage Rate

50. Leased property is...
July; July Board of Review
Rectangular computation of area
partial estate
are

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MCAO: Michigan Certified Assessing Officer

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