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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. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
agricultural personal property; exempt
the property owner or lessee - or the local government may begin the process of its own volition
Form L-4046
1 rod

2. The _ determines the size for rates
beginning value the following year
Cost Approach
ground floor area
Replacement cost

3. Value is determined by _
utility - scarcity - desirability - transferability
direct sales comparison
Headlee Amendment
# of acres times 43 -560 divided by known dimension

4. Radius squared times Pi (3.1416)
Circle computation of area
36 sections
Form L-4154
Divide the sales price by the gross rent

5. The right to use - occupy - and control a property for the length of the lessee's life
are
Taxable Value x Millage Rate = Tax Bill
income / value
life estate

6. The Board of Review was created by the _ of 1893
Tuesday following First Monday
reproduction cost
General Property Tax Act
determining the primary use of the property; in this case probably agricultural or residential

7. Inventory (is/is not) exempt
Economic condition factor
is
effective gross income
discount rate - recapture rate - effective tax rate

8. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
Form L-4260
Form L-4025
power to tax - eminent domain - police power - escheat
Form L-4054

9. Taxable unless specifically exempted
Triangle computation of area
tangible or intangible
real and personal
electors

10. March Board of Review begins
Tuesday following First Monday
contract rent
36 sections
real property

11. The value property has in a specific use
Form L-4154
median
value in use
uniform rates

12. 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 _
50%; usual selling price
are not
agricultural personal property; exempt
assessor and Board of Review

13. The capitalization rate includes the _ - _ and the _
power to tax - eminent domain - police power - escheat
discount rate - recapture rate - effective tax rate
# of acres times 43 -560 divided by known dimension
hear appeals from taxpayers or their agents

14. Formula used to calculate taxes is _
soil survey; land value
utility - scarcity - desirability - transferability
Site/location
Taxable Value X Millage Rate

15. The _ to value is best used for mass appraisals being done by the assessor.
direct sales comparison
Cost Approach
exempted
Form L-4046

16. The cost approach is used to estimate _ of an _
market value; existing property
Circle computation of area
Tuesday following; first Monday in March
rate x value

17. Taxable personal property includes all property not expressly _
net income
exempt
General Property Tax Act
exempted

18. It (is not necessary to use __________ when valuing agricultural property.
are not
Board of Review; Michigan Tax Tribunal
are not
county multipliers

19. The first meeting of the BOR is held on the _
income
Tuesday following; first Monday in March
Circle computation of area
Interest or discount

20. Enacted in 1893
determining the primary use of the property; in this case probably agricultural or residential
real estate
Michigan General Property Tax Act
uniform rates

21. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
cost
5 -280 lineal feet
$1 per acre

22. _ soil is considered the most productive
lots and blocks
partial estate
specific tax
Number 1

23. The definition of the economic principle of highest and best use is _
is
Board of Review; Michigan Tax Tribunal
rate x value
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

24. is the rent a property could command on the open market
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
effective gross income
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
market rent

25. Personal property may be _
tangible or intangible
Cost Approach
50%; usual selling price
exempt

26. July Board of Review begins
Open Meetings Act
Tuesday following Third Monday
Front foot
Industrial Facility Tax Abatement

27. 1 mile =
43 -560 square feet
5 -280 lineal feet
Interest or discount
receives and reviews

28. 1 acre =
agricultural personal property; exempt
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
43 -560 square feet
property record cards and assessment maps

29. Movable irrigation systems including pumps not an integral part of a well are _ and are _
Rectangular computation of area
exempt
agricultural personal property; exempt
sales comparison

30. Deadline for filing Principal Residence Affidavits
May 1
median
County multipliers
Form L-4260

31. The highest degree of ownership
specific tax
true cash value
fee simple
local government unit

32. Members of the Board of Review must be _ of the township
owners and interested parties of the property to be assessed
at value
electors
3/4 Proposal

33. It is necessary to have an evening meeting unless the residents...
demand one
potential income; vacancy - bad debt and operating expenses
real and personal
branches

34. The most common types of ownership are _
not standard depth
fee simple - partial estate - and life estate
July; July Board of Review
sales prices of other parcels similar to the property being appraised

35. Proposal A had the immediate result of _ property taxes in the state
Number 1
tangible or intangible
reducing
Taxable Value X Millage Rate

36. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
Form L-4046
hear appeals from taxpayers or their agents
Board of Review; Michigan Tax Tribunal
soil survey; land value

37. The usual reference source regarding assessment and taxes
assessor and Board of Review
net income
General Property Tax Act
Form L-4024

38. Notices of the decisions of the BOR must be mailed by the _
desirability
Genesee County
first Monday in June
Township Board; City Council

39. Potential income minus vacancy - bad debt - and operating expenses is the _
40
net income
General Property Tax Act
not standard depth

40. A depth factor chart is used to adjust lots that are _
# of acres times 43 -560 divided by known dimension
not standard depth
State Tax Commission
Income / rate

41. Half the base times the height
Triangle computation of area
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
local government unit
Form L-4024

42. Computer assisted mass appraisal
sales comparison
gross rent multipliers
Genesee County
CAMA

43. Churches - schools - libraries and similar institutions are usually...
specific tax
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
exempt
the property owner or lessee - or the local government may begin the process of its own volition

44. In a residential neighborhood - the measurement usually used in developing cost is _
present worth
Headlee Amendment
market comparison approach; cost approach
Front foot

45. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
utility - scarcity - desirability - transferability
owners and interested parties of the property to be assessed
real estate
40

46. The amount of money or goods you can receive if you sell property
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
value in exchange
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
present worth

47. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
County Board of Commissioners
March BOR
operating expenses
effective gross income

48. 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.
3/4 Proposal
Summation Method- Bank of Investment Method - and Market Comparison Method
a plus adjustemnt for the fireplace to the comp
Open Meetings Act

49. Michigan's Constitution uses _ to determine assessments
true cash value
Board of Review; Michigan Tax Tribunal
$1 per acre
Form L-4046

50. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
track land sales
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Reproduction cost
Private Forest Reserve