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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. Value is determined by _
the property owner or lessee - or the local government may begin the process of its own volition
taxation - eminent domain - and police powers
reproduction cost
utility - scarcity - desirability - transferability

2. All meetings of the BOR are governed by the _
taxation - eminent domain - and police powers
Open Meetings Act
at value
uniform rates

3. Members of the Board of Review must be _ of the township
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
electors
a plus adjustemnt for the fireplace to the comp
Tuesday following the second

4. Most taxpayers must appeal to the local _ before appealing to the _
direct sales comparison
value in use
directly benefit
Board of Review; Michigan Tax Tribunal

5. The BOR _ and _ the roll
fee simple
December 31
receives and reviews
local government unit

6. In a cost approach program - the computer system should estimate _ less _
GRM X MARKET RENT = MARKET VALUE
never the land
replacement cost new; depreciation
Number 1

7. Equity within the county is the responsibility of the _
receives and reviews
County Board of Commissioners
Open Meetings Act
Tuesday following; first Monday in March

8. Monday December Board of Review begins
expenses not allowable
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
Headlee Amendment
Tuesday following the second

9. The government retains the following powers
taxation - eminent domain - and police powers
Tuesday following; first Monday in March
gross rent multipliers
Site/location

10. The highest degree of ownership
first Monday in June
fee simple
soil survey; land value
agricultural personal property; exempt

11. The _ determines the size for rates
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
ground floor area
Income / rate
specific tax

12. Taxable unless specifically exempted
property record cards and assessment maps
value in use
real and personal
operating expenses

13. Personal property may be _
sales prices of other parcels similar to the property being appraised
replacement cost new; depreciation
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
tangible or intangible

14. Public rights-of-way are _
exempt
sales comparison approach
net income
agricultural personal property; exempt

15. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
net income
real property
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
cost approach

16. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
March BOR
Site/location
potential gross income
Open Meetings Act

17. Tax day
income
1 rod
value in use
December 31

18. There are _ in a geographical township
Reproduction cost
36 sections
Tuesday following First Monday
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

19. The capitalization rate includes the _ - _ and the _
adverse possession
discount rate - recapture rate - effective tax rate
expenses allowable
May 1

20. The government is authorized to levy taxes in the _
fee simple
Michigan Constitution
operating expenses
percent good

21. Cost to construct improvement with the same functional utility of the subject
Federal Northwest
Capitalizaiton rate
replacement cost
expenses not allowable

22. Used to value the income stream of a property
May 1
Tuesday following; first Monday in March
Open Meetings Act
income approach

23. Vacant land adjustments have to be made for differences in _
cost approach
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
February 20
percent good

24. The physical land and any structure attached to it
partial estate
real estate
tangible or intangible
5 -280 lineal feet

25. To calculate a gross rent multiplier - _
Divide the sales price by the gross rent
Site/location
property record cards and assessment maps
the property owner or lessee - or the local government may begin the process of its own volition

26. In a township - the _ is the secretary of the Board of Review
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
property record cards and assessment maps
supervisor
50%; usual selling price

27. The cost approach is used to estimate _ of an _
Form L-4154
Board of Review; Michigan Tax Tribunal
General Property Tax Act
market value; existing property

28. The formula for calculating tax bills is _
12
sales prices of other parcels similar to the property being appraised
Taxable Value x Millage Rate = Tax Bill
Headlee Amendment

29. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
February 20
is
Private Forest Reserve
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

30. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
40
Federal Northwest
direct sales comparison
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

31. Not transfers of ownership
State Tax Commission
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
market rent
Rectangular computation of area

32. Definition of ad valorem
lots and blocks
ground floor area
at value
exempted

33. True cash value is _
percent good
expenses not allowable
lots and blocks
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

34. 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 _
reducing
real and personal
July and December BOR
adverse possession

35. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
$1 per acre
contract rent
October 31
December 31

36. _ is the rent actually received for a property
typical farm buildings
July; July Board of Review
contract rent
43 -560 square feet

37. A private claim describes property that was occupied prior to the _
October 31
Form L-4260
to hear appeals of the tentative taxable value
General Land Office survey

38. The value of vacant land is estimated using _
sales prices of other parcels similar to the property being appraised
General Property Tax Act
not standard depth
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

39. _ are those expenses necessary for generating income. This includes reserves for replacements - accounting fees - advertising costs - maintenance costs such as lawn care - snow removal - repairs - trash removal - utilities - and a maintenance manager
cost
Rectangular survey; metes and bounds; platted or recorded subdivision
branches
expenses allowable

40. Initial survey point for Michigan at the intersection of two streets
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
Genesee County
County Board of Commissioners
effective gross income

41. Management costs in timber-cutover include _ which are usually the largest expense in this classification
depreciation
taxes
value in exchange
Tuesday following; first Monday in March

42. _ is a loss of utility and therefore of value from any cause
at value
depreciation
by contacting one of the parties to the transaction (buyer - seller - or realtor)
sales comparison

43. The three approaches to value
State Tax Commission
cost - sales comparison (market) - and income
Triangle computation of area
gross rent multipliers

44. The _ must approve the application for an IFT before the State Tax Commission approves the application
local government unit
effective gross income
Rectangular computation of area
Replacement cost

45. Michigan's Constitution uses _ to determine assessments
Number 1
true cash value
1 rod
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

46. is the rent a property could command on the open market
market rent
sales comparison
demand one
Michigan Constitution

47. A consumer must want the product for it to have value
physical - functional - and economic
desirability
Number 1
July and December BOR

48. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
Tuesday following; first Monday in March
market comparison approach; cost approach
real property
cost approach

49. The three categories of depreciation are _
county multipliers
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
physical - functional - and economic
taxes

50. May change assessment for current year
supervisor
March BOR
are not
power to tax - eminent domain - police power - escheat