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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. The CAMA system should be able to select comparable sales - make adjustments to the comps - and come up with an estimate of market value for the subject in the _ approach
Replacement cost
sales comparison
Headlee Amendment
adverse possession

2. IFT's affect only the building value...
northeast corner with section 1 and proceed west to section 6
branches
State Tax Commission
never the land

3. The difference between commercial and industrial property is _
direct sales comparison
exterior
exempt
Industrial Facility Tax Abatement

4. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
never the land
market comparison approach; cost approach
desirability
assessor and Board of Review

5. is the rent a property could command on the open market
discount rate - recapture rate - effective tax rate
income approach
3/4 Proposal
market rent

6. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
effective gross income
Summation Method- Bank of Investment Method - and Market Comparison Method
uniform rates
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

7. The Tuesday following the third Monday in _ is the _ meeting.
Form L-4260
partial estate
July; July Board of Review
physical - functional - and economic

8. _ is the rent actually received for a property
contract rent
real property
Genesee County
State Tax Commission

9. Michigan's Constitution uses _ to determine assessments
true cash value
$421 -052
Circle computation of area
benefits from the special assessment

10. Value is determined by _
utility - scarcity - desirability - transferability
by contacting one of the parties to the transaction (buyer - seller - or realtor)
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
net income

11. Article 9 of the Michigan Constitution provides for uniform property taxation which may not exceed _ of true cash value which is defined as being the _
$1 per acre
50%; usual selling price
July and December BOR
Michigan General Property Tax Act

12. Buildings on leased lands _ personal property
potential gross income
income approach
branches
are

13. _ was designed to provide for the exemption from certain taxes; to levy and collect a specific tax from the owners of properties so exempted; and to provide for the transfer of the exemption certificates; also prescribes the power and dute of the STC
are
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
taxes
July and December BOR

14. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
Divide the sales price by the gross rent
determining the primary use of the property; in this case probably agricultural or residential
Federal Northwest
are

15. Most taxpayers must appeal to the local _ before appealing to the _
Form L-4154
contract rent
Board of Review; Michigan Tax Tribunal
real estate

16. Definition of ad valorem
sales prices of other parcels similar to the property being appraised
at value
operating expenses
Form L-4022

17. The formula for calculating rate is _
exempt
at value
income / value
determining the primary use of the property; in this case probably agricultural or residential

18. The second meeting of the BOR is held to _
hear appeals from taxpayers or their agents
ground floor area
50%; usual selling price
partial estate

19. Monday December Board of Review begins
reproduction cost
life estate
Form L-4025
Tuesday following the second

20. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
value in use
market value; existing property
Form L-4154
direct sales comparison

21. 16 1/2 feet =
potential income; vacancy - bad debt and operating expenses
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
1 rod
Form L-4025

22. 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 _
direct sales comparison
General Property Tax Act
adverse possession
cost approach

23. The three categories of depreciation are _
expenses not allowable
market value; existing property
physical - functional - and economic
Circle computation of area

24. Requires that the ratio of assessments to true cash value not exceed 50%
Form L-4024
Circle computation of area
taxes
Michigan Constitution

25. Enacted in 1893
Form L-4023
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
Michigan General Property Tax Act
640 acres

26. Inventory (is/is not) exempt
Form L-4022
$1 per acre
Triangle computation of area
is

27. _ 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
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
receives and reviews
expenses allowable
real estate

28. Radius squared times Pi (3.1416)
Circle computation of area
median
contract rent
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

29. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
agricultural personal property; exempt
to hear appeals of the tentative taxable value
true cash value
median

30. If the interest rate is 5% - the effective tax rate is 2% - the recapture rate is 2.5% - and the income attributed to the building is $40 -000. The value of the building is _
General Property Tax Act
Circle computation of area
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
$421 -052

31. _ measures value in exchange; it is based on the principle of substitution
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
transferability
direct sales comparison
Board of Review; Michigan Tax Tribunal

32. One use of land value maps is to _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Tuesday following; first Monday in March
directly benefit
track land sales

33. The three approaches to value
cost - sales comparison (market) - and income
October 31
life estate
by contacting one of the parties to the transaction (buyer - seller - or realtor)

34. Used to estimate the cost of constructing improvements to the land
ground floor area
real estate
are
cost approach

35. In a township - the _ is the secretary of the Board of Review
present worth
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
supervisor
partial estate

36. The formula for calculating income is _
exterior
cost
1 rod
rate x value

37. _ are used to value income-producing residential property
reducing
Tuesday following First Monday
potential gross income
gross rent multipliers

38. _ is a loss in value caused by factors outside the property
County multipliers
economic obsolescense
to hear appeals of the tentative taxable value
potential income; vacancy - bad debt and operating expenses

39. Length times the width
General Property Tax Act
sales comparison
Rectangular computation of area
1 rod

40. A consumer must be able to purchasee the property
transferability
net income
physical - functional - and economic
GRM X MARKET RENT = MARKET VALUE

41. 1 mile =
5 -280 lineal feet
soil survey; land value
income / value
a plus adjustemnt for the fireplace to the comp

42. _ soil is considered the most productive
Rectangular computation of area
first Monday in June
Number 1
cost - sales comparison (market) - and income

43. The BOR _ and _ the roll
expenses not allowable
income / value
Tuesday following the second
receives and reviews

44. The capitalization rate includes the _ - _ and the _
supervisor
present worth
fee simple - partial estate - and life estate
discount rate - recapture rate - effective tax rate

45. March Board of Review begins
50%; usual selling price
uniform rates
March BOR
Tuesday following First Monday

46. The Board of Review was created by the _ of 1893
5 -280 lineal feet
Replacement cost
Form L-4046
General Property Tax Act

47. Methods used to describe property in Michigan
Rectangular survey; metes and bounds; platted or recorded subdivision
are
County Board of Commissioners
by contacting one of the parties to the transaction (buyer - seller - or realtor)

48. _ are applied to the cost schedules in the manuals
income / value
Site/location
sales comparison
County multipliers

49. The definition of market value is _
exempt
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
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
economic obsolescense

50. Churches - schools - libraries and similar institutions are usually...
effective gross income
exempt
demand one
typical farm buildings