Test your basic knowledge |

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. True cash value is _
Divide the sales price by the gross rent
Form L-4046
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
effective gross income

2. 1 mile =
Michigan Constitution
State Tax Commission
5 -280 lineal feet
reproduction cost

3. Used to estimate the cost of constructing improvements to the land
Rectangular computation of area
median
cost approach
electors

4. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
Private Forest Reserve
reproduction cost
43 -560 square feet
beginning value the following year

5. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
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
beginning value the following year
Private Forest Reserve
Michigan General Property Tax Act

6. Equity at the local level is the responsibility of the _
are
assessor and Board of Review
exempted
real property

7. Pole barns - silos - and large grain bins are considered _
Summation Method- Bank of Investment Method - and Market Comparison Method
physical - functional - and economic
typical farm buildings
February 20

8. The income approach calculates the _ of a future income stream
replacement cost new; depreciation
3/4 Proposal
Summation Method- Bank of Investment Method - and Market Comparison Method
present worth

9. _ 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
present worth
exempted
Form L-4260
expenses allowable

10. Tax day
first Monday in June
exempt
December 31
net income

11. Personal property statemetns are due on _
February 20
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
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

12. If a business fails to file a personal property statement - the assessor shall _
Summation Method- Bank of Investment Method - and Market Comparison Method
sales prices of other parcels similar to the property being appraised
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
estimate the assessment

13. The Board of Review was created by the _ of 1893
tangible or intangible
are not
General Property Tax Act
March BOR

14. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Township Board; City Council
real and personal
expenses allowable
local government unit

15. _ measures value in exchange; it is based on the principle of substitution
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
exempt
direct sales comparison
cost - sales comparison (market) - and income

16. Monday December Board of Review begins
northeast corner with section 1 and proceed west to section 6
Tuesday following the second
economic obsolescense
contract rent

17. Half the base times the height
Cost Approach
February 20
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Triangle computation of area

18. The formula for using a gross rent multiplier to determine market value is _
County Board of Commissioners
desirability
GRM X MARKET RENT = MARKET VALUE
General Land Office survey

19. IFT certificates are granted for _ years with a possible 2-year construction period
rate x value
12
Form L-4023
market value; existing property

20. The rights of ownership removed by government are _
to hear appeals of the tentative taxable value
real property
Reproduction cost
power to tax - eminent domain - police power - escheat

21. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
Private Forest Reserve
present worth
Form L-4025
ground floor area

22. A consumer must want the product for it to have value
Federal Northwest
Industrial Facility Tax Abatement
desirability
transferability

23. When appraising a commercial building - you should remember that unlike building - land is...
assessor and Board of Review
never depreciated
October 31
receives and reviews

24. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
owners and interested parties of the property to be assessed
are not
State Tax Commission
May 1

25. Deadline for filing Principal Residence Affidavits
Front foot
gross rent multipliers
Capitalizaiton rate
May 1

26. Market value of property is _
income / value
value in use
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
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

27. The value of vacant land is estimated using _
value in exchange
transferability
sales prices of other parcels similar to the property being appraised
estimate the assessment

28. _ is a loss of utility and therefore of value from any cause
discount rate - recapture rate - effective tax rate
depreciation
value in exchange
contract rent

29. The most common types of ownership are _
General Property Tax Act
real and personal
fee simple - partial estate - and life estate
directly benefit

30. The formula for calculating value is _
electors
Form L-4054
Income / rate
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

31. 16 1/2 feet =
not standard depth
County Board of Commissioners
36 sections
1 rod

32. Value is determined by _
utility - scarcity - desirability - transferability
owners and interested parties of the property to be assessed
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
are not

33. Unknown dimension formula
Rectangular computation of area
# of acres times 43 -560 divided by known dimension
640 acres
exempt

34. Movable irrigation systems including pumps not an integral part of a well are _ and are _
Summation Method- Bank of Investment Method - and Market Comparison Method
agricultural personal property; exempt
rate x value
replacement cost new; depreciation

35. Notice of special assessment public hearings must be given to _
median
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
owners and interested parties of the property to be assessed
transferability

36. Not transfers of ownership
Tuesday following the second
sales comparison
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
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

37. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Replacement cost
market value; existing property
Form L-4022
February 20

38. Who may ask for establishment of an industrial facility tax exemption district?
economic obsolescense
exempt
the property owner or lessee - or the local government may begin the process of its own volition
are not

39. One use of land value maps is to _
reducing
replacement cost new; depreciation
track land sales
fee simple

40. Proposal A had the immediate result of _ property taxes in the state
life estate
market comparison approach; cost approach
reducing
typical farm buildings

41. There are _ in a geographical township
36 sections
are
tangible or intangible
exempt

42. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
supervisor
Form L-4046
sales prices of other parcels similar to the property being appraised
General Land Office survey

43. Inventory (is/is not) exempt
5 -280 lineal feet
is
agricultural personal property; exempt
fee simple - partial estate - and life estate

44. The Tuesday following the third Monday in _ is the _ meeting.
soil survey; land value
July; July Board of Review
not standard depth
expenses allowable

45. The difference between commercial and industrial property is _
Form L-4023
effective gross income
Industrial Facility Tax Abatement
Private Forest Reserve

46. In July and December - the BOR may meet to _
potential income; vacancy - bad debt and operating expenses
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
State Tax Commission
typical farm buildings

47. Deadline for filing personal property statements
Rectangular survey; metes and bounds; platted or recorded subdivision
uniform rates
Tuesday following the second
February 20

48. is the rent a property could command on the open market
local government unit
Michigan Constitution
Taxable Value x Millage Rate = Tax Bill
market rent

49. It is necessary to have an evening meeting unless the residents...
demand one
are not
estimate the assessment
July; July Board of Review

50. Requires that the ratio of assessments to true cash value not exceed 50%
Michigan Constitution
determining the primary use of the property; in this case probably agricultural or residential
income
taxation - eminent domain - and police powers