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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. May change assessment for current year
February 20
The Land Residual
to hear appeals of the tentative taxable value
March BOR

2. In a cost approach program - the computer system should estimate _ less _
specific tax
expenses allowable
replacement cost new; depreciation
Replacement cost

3. Who may ask for establishment of an industrial facility tax exemption district?
3/4 Proposal
agricultural personal property; exempt
the property owner or lessee - or the local government may begin the process of its own volition
43 -560 square feet

4. Michigan's Constitution provides for _ of taxation
income / value
uniform rates
Form L-4260
real estate

5. The income approach calculates the _ of a future income stream
present worth
value in use
percent good
property record cards and assessment maps

6. The return on the investment called in the capitalization rate is _
Rectangular computation of area
Interest or discount
Form L-4046
Open Meetings Act

7. The _ must approve the application for an IFT before the State Tax Commission approves the application
Board of Review; Michigan Tax Tribunal
local government unit
true cash value
value in use

8. The capitalization rate includes the _ - _ and the _
to hear appeals of the tentative taxable value
discount rate - recapture rate - effective tax rate
income
Form L-4024

9. In July and December - the BOR may meet to _
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
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
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
36 sections

10. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
1 rod
# of acres times 43 -560 divided by known dimension
Form L-4046
to hear appeals of the tentative taxable value

11. Notices of the decisions of the BOR must be mailed by the _
State Tax Commission
expenses not allowable
exempt
first Monday in June

12. The cost approach is used to estimate _ of an _
Form L-4023
market value; existing property
benefits from the special assessment
July; July Board of Review

13. When appraising a commercial building - you should remember that unlike building - land is...
specific tax
never depreciated
market comparison approach; cost approach
5 -280 lineal feet

14. Length times the width
Rectangular computation of area
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
rate x value
exempt

15. Computer assisted mass appraisal
are not
reducing
Site/location
CAMA

16. 1 mile =
5 -280 lineal feet
taxation - eminent domain - and police powers
Capitalizaiton rate
income approach

17. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Reproduction cost
county multipliers
Township Board; City Council
General Property Tax Act

18. The discount rate may be developed by the following:
contract rent
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
Summation Method- Bank of Investment Method - and Market Comparison Method
Form L-4023

19. If a business fails to file a personal property statement - the assessor shall _
median
fee simple
Form L-4046
estimate the assessment

20. Notice of special assessment public hearings must be given to _
market comparison approach; cost approach
Form L-4054
sales comparison approach
owners and interested parties of the property to be assessed

21. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
General Property Tax Act
July and December BOR
cost
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

22. Special assessments must _ the properties in the district
directly benefit
by contacting one of the parties to the transaction (buyer - seller - or realtor)
first Monday in June
market comparison approach; cost approach

23. Compares the property beign appraised to similar properties that have recently sold
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 comparison approach
February 20
typical farm buildings

24. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
never depreciated
electors
Cost Approach
median

25. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
40
determining the primary use of the property; in this case probably agricultural or residential
640 acres

26. 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 _
benefits from the special assessment
sales comparison
adverse possession
$421 -052

27. Leased property is...
640 acres
partial estate
Township Board; City Council
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

28. Special assessment districts are commonly used for _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
transferability
Form L-4025
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

29. The General Property Tax Law states that agricultural operations means farming in all its _
benefits from the special assessment
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Circle computation of area
branches

30. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
exempt
Form L-4025
12
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

31. Capped value is _

32. A consumer must be able to purchasee the property
income
transferability
percent good
ground floor area

33. In a residential neighborhood - the measurement usually used in developing cost is _
Board of Review; Michigan Tax Tribunal
rate x value
potential gross income
Front foot

34. There are _ in a geographical township
life estate
typical farm buildings
36 sections
Form L-4054

35. Cost to construct improvement with the same functional utility of the subject
replacement cost
The Land Residual
5 -280 lineal feet
Income / rate

36. Pole barns - silos - and large grain bins are considered _
specific tax
Board of Review; Michigan Tax Tribunal
present worth
typical farm buildings

37. Definition of ad valorem
at value
Form L-4025
replacement cost new; depreciation
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

38. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
12
Capitalizaiton rate
Form L-4022
market comparison approach; cost approach

39. _ 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 Property Tax Act
County Board of Commissioners
Michigan Constitution
expenses not allowable

40. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
beginning value the following year
never the land
percent good
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

41. 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.
taxes
36 sections
Tuesday following First Monday
3/4 Proposal

42. Michigan's Constitution uses _ to determine assessments
owners and interested parties of the property to be assessed
State Tax Commission
true cash value
March BOR

43. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
40
operating expenses
Industrial Facility Tax Abatement
never the land

44. Taxable personal property includes all property not expressly _
exempted
present worth
February 20
Open Meetings Act

45. July Board of Review begins
exempt
Tuesday following Third Monday
Cost Approach
gross rent multipliers

46. A platted subdivision is described by _
43 -560 square feet
expenses allowable
lots and blocks
to hear appeals of the tentative taxable value

47. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
exterior
real property
demand one
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

48. The _ determines the size for rates
ground floor area
market value; existing property
northeast corner with section 1 and proceed west to section 6
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

49. Enacted in 1893
Michigan General Property Tax Act
Form L-4025
Taxable Value x Millage Rate = Tax Bill
value in exchange

50. Management costs in timber-cutover include _ which are usually the largest expense in this classification
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
taxes
beginning value the following year
640 acres