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Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
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Study First
Subject
:
certifications
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. Approved by voters in 1978
Tuesday following First Monday
Headlee Amendment
uniform rates
to hear appeals of the tentative taxable value
2. IFT's affect only the building value...
reproduction cost
market comparison approach; cost approach
never the land
36 sections
3. The amount of money or goods you can receive if you sell property
local government unit
Tuesday following the second
value in exchange
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
4. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Form L-4022
operating expenses
cost approach
General Property Tax Act
5. Methods used to describe property in Michigan
Rectangular survey; metes and bounds; platted or recorded subdivision
are
1 rod
Board of Review; Michigan Tax Tribunal
6. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
expenses allowable
February 20
Replacement cost
Township Board; City Council
7. Initial survey point for Michigan at the intersection of two streets
never the land
Interest or discount
Genesee County
50%; usual selling price
8. The value of vacant land is estimated using _
fee simple
Taxable Value x Millage Rate = Tax Bill
by contacting one of the parties to the transaction (buyer - seller - or realtor)
sales prices of other parcels similar to the property being appraised
9. Special assessments must _ the properties in the district
directly benefit
February 20
income
Taxable Value X Millage Rate
10. Notice of special assessment public hearings must be given to _
36 sections
owners and interested parties of the property to be assessed
income
demand one
11. Management costs in timber-cutover include _ which are usually the largest expense in this classification
Triangle computation of area
market rent
taxes
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
12. Churches - schools - libraries and similar institutions are usually...
exempted
market value; existing property
exempt
adverse possession
13. The formula for calculating income is _
replacement cost new; depreciation
rate x value
Township Board; City Council
July; July Board of Review
14. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
fee simple
to hear appeals of the tentative taxable value
beginning value the following year
# of acres times 43 -560 divided by known dimension
15. Most taxpayers must appeal to the local _ before appealing to the _
exempted
Summation Method- Bank of Investment Method - and Market Comparison Method
cost - sales comparison (market) - and income
Board of Review; Michigan Tax Tribunal
16. 1 mile =
northeast corner with section 1 and proceed west to section 6
fee simple
$421 -052
5 -280 lineal feet
17. In a cost approach program - the computer system should estimate _ less _
replacement cost new; depreciation
12
Site/location
economic obsolescense
18. The discount rate may be developed by the following:
reducing
Summation Method- Bank of Investment Method - and Market Comparison Method
local government unit
operating expenses
19. Deadline for filing Principal Residence Affidavits
Tuesday following First Monday
# of acres times 43 -560 divided by known dimension
May 1
are not
20. Vacant land adjustments have to be made for differences in _
Form L-4046
supervisor
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
replacement cost new; depreciation
21. Economic condition factors (are/are not) applied to land and buildings
are not
Taxable Value X Millage Rate
sales comparison
a plus adjustemnt for the fireplace to the comp
22. Enacted in 1893
GRM X MARKET RENT = MARKET VALUE
Form L-4023
Michigan General Property Tax Act
lots and blocks
23. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
desirability
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
county multipliers
24. Used to value the income stream of a property
depreciation
income approach
present worth
are
25. _ are applied to the cost schedules in the manuals
Circle computation of area
40
County multipliers
northeast corner with section 1 and proceed west to section 6
26. The Board of Review was created by the _ of 1893
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
General Property Tax Act
direct sales comparison
Capitalizaiton rate
27. When appraising a commercial building - you should remember that unlike building - land is...
exempt
1 rod
replacement cost
never depreciated
28. Michigan's Constitution provides for _ of taxation
desirability
5 -280 lineal feet
physical - functional - and economic
uniform rates
29. The General Property Tax Law states that agricultural operations means farming in all its _
local government unit
are
branches
36 sections
30. CAMA system should estimate replacement cost new less depreciation in the _ approach
36 sections
cost
Michigan General Property Tax Act
reducing
31. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
40
reproduction cost
partial estate
General Property Tax Act
32. In heavily wooded areas where property lines may be difficult to identify - it is important that the owners protect their property from being claimed under _
income
March BOR
adverse possession
State Tax Commission
33. When measuring a house - you use _ measurements
Triangle computation of area
Form L-4046
exterior
demand one
34. The capitalization rate includes the _ - _ and the _
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
replacement cost
State Tax Commission
discount rate - recapture rate - effective tax rate
35. _ is used to adjust the cosst approach to market value for residential properties
Taxable Value x Millage Rate = Tax Bill
County Board of Commissioners
Form L-4022
Economic condition factor
36. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
fee simple
benefits from the special assessment
Taxable Value x Millage Rate = Tax Bill
Form L-4154
37. Who may ask for establishment of an industrial facility tax exemption district?
the property owner or lessee - or the local government may begin the process of its own volition
life estate
State Tax Commission
$421 -052
38. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
real estate
Federal Northwest
replacement cost new; depreciation
market comparison approach; cost approach
39. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
estimate the assessment
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
Site/location
market rent
40. _ measures value in exchange; it is based on the principle of substitution
value in exchange
direct sales comparison
partial estate
potential income; vacancy - bad debt and operating expenses
41. All meetings of the BOR are governed by the _
income
exempted
Form L-4054
Open Meetings Act
42. _ is estimating the cost of an exact duplication of the building
Genesee County
Township Board; City Council
Reproduction cost
Rectangular computation of area
43. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
never the land
Tuesday following; first Monday in March
Form L-4054
General Land Office survey
44. The Tuesday following the third Monday in _ is the _ meeting.
July; July Board of Review
direct sales comparison
operating expenses
State Tax Commission
45. July Board of Review begins
Tuesday following Third Monday
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
physical - functional - and economic
are
46. 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
northeast corner with section 1 and proceed west to section 6
first Monday in June
5 -280 lineal feet
47. Not transfers of ownership
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
Front foot
Replacement cost
Triangle computation of area
48. Taxable personal property includes all property not expressly _
Triangle computation of area
exempted
February 20
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
49. There are _ in a geographical township
36 sections
desirability
effective gross income
economic obsolescense
50. Market value of property is _
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
power to tax - eminent domain - police power - escheat
at value
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
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