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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.
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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. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Form L-4046
typical farm buildings
40
transferability

2. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
typical farm buildings
real estate
ground floor area
Form L-4260

3. The General Property Tax Law states that agricultural operations means farming in all its _
operating expenses
July; July Board of Review
branches
Circle computation of area

4. The value of vacant land is estimated using _
3/4 Proposal
potential gross income
sales prices of other parcels similar to the property being appraised
CAMA

5. The BOR _ and _ the roll
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
General Land Office survey
General Property Tax Act
receives and reviews

6. _ soil is considered the most productive
Site/location
Open Meetings Act
Number 1
uniform rates

7. Michigan's Constitution uses _ to determine assessments
county multipliers
Replacement cost
true cash value
income

8. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Form L-4023
Site/location
General Property Tax Act
determining the primary use of the property; in this case probably agricultural or residential

9. The value property has in a specific use
assessor and Board of Review
agricultural personal property; exempt
value in use
exempt

10. March Board of Review begins
Tuesday following First Monday
The Land Residual
physical - functional - and economic
market comparison approach; cost approach

11. The Board of Review was created by the _ of 1893
receives and reviews
General Property Tax Act
value in use
Cost Approach

12. Definition of ad valorem
at value
Income / rate
hear appeals from taxpayers or their agents
General Land Office survey

13. Potential income minus vacancy - bad debt - and operating expenses is the _
cost
uniform rates
net income
County multipliers

14. _ is a loss in value caused by factors outside the property
Circle computation of area
net income
economic obsolescense
Form L-4024

15. Cost to construct improvement with the same functional utility of the subject
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
not standard depth
Number 1

16. 16 1/2 feet =
Taxable Value X Millage Rate
July; July Board of Review
1 rod
direct sales comparison

17. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
income approach
Private Forest Reserve
owners and interested parties of the property to be assessed
Site/location

18. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
Reproduction cost
to hear appeals of the tentative taxable value
General Land Office survey
36 sections

19. In July and December - the BOR may meet to _
Tuesday following; first Monday in March
taxes
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Summation Method- Bank of Investment Method - and Market Comparison Method

20. 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
Michigan Constitution
Divide the sales price by the gross rent
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

21. A consumer must want the product for it to have value
Form L-4023
branches
desirability
Tuesday following Third Monday

22. 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.
at value
3/4 Proposal
taxation - eminent domain - and police powers
value in use

23. The highest degree of ownership
expenses not allowable
hear appeals from taxpayers or their agents
fee simple
Form L-4154

24. Unknown dimension formula
operating expenses
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
sales comparison
# of acres times 43 -560 divided by known dimension

25. Public rights-of-way are _
Divide the sales price by the gross rent
Form L-4024
exempt
Form L-4025

26. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
40
rate x value
operating expenses
Form L-4025

27. Tax day
Interest or discount
Capitalizaiton rate
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
December 31

28. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
median
sales comparison
electors
Headlee Amendment

29. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
Form L-4154
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
desirability
income

30. _ is estimating the cost of a building of similar design and utility
Private Forest Reserve
Replacement cost
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
not standard depth

31. Buildings on leased lands _ personal property
$1 per acre
market value; existing property
electors
are

32. A private claim describes property that was occupied prior to the _
present worth
Headlee Amendment
General Land Office survey
Township Board; City Council

33. In a township - the _ is the secretary of the Board of Review
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
supervisor
direct sales comparison
net income

34. The _ determines the size for rates
sales comparison
cost approach
ground floor area
Capitalizaiton rate

35. It is necessary to have an evening meeting unless the residents...
Industrial Facility Tax Abatement
demand one
true cash value
July; July Board of Review

36. Radius squared times Pi (3.1416)
Circle computation of area
never depreciated
Form L-4154
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

37. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
income / value
Summation Method- Bank of Investment Method - and Market Comparison Method
true cash value
market comparison approach; cost approach

38. Depreciation in the assessing process is expressed as a _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
typical farm buildings
percent good
reproduction cost

39. Monday December Board of Review begins
Number 1
contract rent
Tuesday following the second
tangible or intangible

40. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
determining the primary use of the property; in this case probably agricultural or residential
sales comparison
Industrial Facility Tax Abatement
hear appeals from taxpayers or their agents

41. There are _ in a geographical township
Taxable Value x Millage Rate = Tax Bill
income
36 sections
to hear appeals of the tentative taxable value

42. 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 _
adverse possession
county multipliers
desirability
State Tax Commission

43. The three approaches to value
percent good
cost - sales comparison (market) - and income
directly benefit
exempt

44. One use of land value maps is to _
gross rent multipliers
expenses not allowable
track land sales
never the land

45. The capitalization rate includes the _ - _ and the _
Tuesday following the second
discount rate - recapture rate - effective tax rate
by contacting one of the parties to the transaction (buyer - seller - or realtor)
February 20

46. Enacted in 1893
demand one
Taxable Value X Millage Rate
Michigan General Property Tax Act
Taxable Value x Millage Rate = Tax Bill

47. _ is the rent actually received for a property
contract rent
market value; existing property
economic obsolescense
exempted

48. Sections in a township start _
market rent
net income
# of acres times 43 -560 divided by known dimension
northeast corner with section 1 and proceed west to section 6

49. The market rent times the number of units availabe to rent is _
assessor and Board of Review
potential gross income
$1 per acre
uniform rates

50. In a residential neighborhood - the measurement usually used in developing cost 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
Front foot
true cash value
Taxable Value x Millage Rate = Tax Bill