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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. Unknown dimension formula
reproduction cost
40
fee simple - partial estate - and life estate
# of acres times 43 -560 divided by known dimension

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
specific tax
Taxable Value X Millage Rate
Triangle computation of area
potential income; vacancy - bad debt and operating expenses

3. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
5 -280 lineal feet
Private Forest Reserve
Site/location

4. The _ determines the size for rates
income
ground floor area
directly benefit
General Land Office survey

5. Cost to construct improvement with the same functional utility of the subject
July and December BOR
median
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

6. Deadline for filing personal property statements
Michigan Constitution
property record cards and assessment maps
median
February 20

7. Radius squared times Pi (3.1416)
exempt
Circle computation of area
at value
Rectangular survey; metes and bounds; platted or recorded subdivision

8. Deadline for filing Principal Residence Affidavits
May 1
Cost Approach
track land sales
# of acres times 43 -560 divided by known dimension

9. Not transfers of ownership
October 31
demand one
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
July; July Board of Review

10. It (is not necessary to use __________ when valuing agricultural property.
desirability
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
county multipliers
are not

11. CAMA system should estimate replacement cost new less depreciation in the _ approach
cost
Tuesday following First Monday
hear appeals from taxpayers or their agents
physical - functional - and economic

12. A depth factor chart is used to adjust lots that are _
utility - scarcity - desirability - transferability
1 rod
not standard depth
Replacement cost

13. Approved by voters in 1978
Headlee Amendment
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Circle computation of area
Form L-4022

14. The three approaches to value
real estate
cost - sales comparison (market) - and income
36 sections
determining the primary use of the property; in this case probably agricultural or residential

15. The definition of the economic principle of highest and best use is _
cost
replacement cost
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
Site/location

16. Equity within the 83 counties of the state is the responsibility of the _
supervisor
State Tax Commission
Form L-4046
county multipliers

17. 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
real property
Summation Method- Bank of Investment Method - and Market Comparison Method
1 rod

18. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
real property
soil survey; land value
are not
640 acres

19. Leased property is...
are not
never the land
partial estate
Rectangular survey; metes and bounds; platted or recorded subdivision

20. The rights of ownership removed by government are _
power to tax - eminent domain - police power - escheat
sales comparison approach
real estate
adverse possession

21. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
sales comparison
contract rent
October 31
Form L-4024

22. IFT's affect only the building value...
life estate
expenses allowable
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
never the land

23. July Board of Review begins
lots and blocks
Tuesday following Third Monday
The Land Residual
local government unit

24. The discount rate may be developed by the following:
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Summation Method- Bank of Investment Method - and Market Comparison Method
potential income; vacancy - bad debt and operating expenses
supervisor

25. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
electors
Tuesday following First Monday
$1 per acre
life estate

26. The second meeting of the BOR is held to _
fee simple
October 31
hear appeals from taxpayers or their agents
State Tax Commission

27. _ are expenses that may be part of the capitalization rate such as depreciation and property taxes or capital improvement expenses and the owner's costs and corporation costs; also not income taxes.
General Land Office survey
1 rod
Headlee Amendment
expenses not allowable

28. True cash value is _
agricultural personal property; exempt
July; July Board of Review
Cost Approach
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

29. Special assessment districts are commonly used for _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
beginning value the following year
branches
track land sales

30. Taxable unless specifically exempted
first Monday in June
Front foot
determining the primary use of the property; in this case probably agricultural or residential
real and personal

31. March Board of Review begins
Tuesday following First Monday
State Tax Commission
real and personal
Form L-4025

32. The physical land and any structure attached to it
reproduction cost
real estate
taxes
to hear appeals of the tentative taxable value

33. Taxable personal property includes all property not expressly _
not standard depth
income approach
exempted
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

34. Notices of the decisions of the BOR must be mailed by the _
first Monday in June
branches
at value
State Tax Commission

35. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
owners and interested parties of the property to be assessed
market comparison approach; cost approach
county multipliers
$421 -052

36. Personal property statemetns are due on _
never the land
February 20
# of acres times 43 -560 divided by known dimension
are

37. Enacted in 1893
by contacting one of the parties to the transaction (buyer - seller - or realtor)
5 -280 lineal feet
beginning value the following year
Michigan General Property Tax Act

38. One use of land value maps is to _
Tuesday following First Monday
track land sales
36 sections
income

39. The return on the investment called in the capitalization rate is _
Interest or discount
estimate the assessment
median
income

40. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
value in exchange
rate x value
sales prices of other parcels similar to the property being appraised
income

41. The difference between commercial and industrial property is _
replacement cost
Industrial Facility Tax Abatement
Front foot
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

42. The government is authorized to levy taxes in the _
Taxable Value X Millage Rate
Form L-4024
$1 per acre
Michigan Constitution

43. All meetings of the BOR are governed by the _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Open Meetings Act
the property owner or lessee - or the local government may begin the process of its own volition
State Tax Commission

44. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
adverse possession
tangible or intangible
operating expenses
Tuesday following First Monday

45. May change assessment for current year
are not
Site/location
median
March BOR

46. 1 acre =
first Monday in June
cost - sales comparison (market) - and income
CAMA
43 -560 square feet

47. 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.
Divide the sales price by the gross rent
3/4 Proposal
GRM X MARKET RENT = MARKET VALUE
cost

48. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
36 sections
640 acres
real property
40

49. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
July and December BOR
State Tax Commission
utility - scarcity - desirability - transferability
property record cards and assessment maps

50. A private claim describes property that was occupied prior to the _
General Land Office survey
real estate
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
State Tax Commission