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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. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
assessor and Board of Review
Open Meetings Act
Form L-4023
real property

2. The discount rate may be developed by the following:
5 -280 lineal feet
receives and reviews
State Tax Commission
Summation Method- Bank of Investment Method - and Market Comparison Method

3. Personal property statemetns are due on _
property record cards and assessment maps
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
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
February 20

4. Used to estimate the cost of constructing improvements to the land
cost approach
Replacement cost
are not
demand one

5. A private claim describes property that was occupied prior to the _
General Land Office survey
ground floor area
adverse possession
specific tax

6. If a business fails to file a personal property statement - the assessor shall _
Divide the sales price by the gross rent
Form L-4046
County Board of Commissioners
estimate the assessment

7. A depth factor chart is used to adjust lots that are _
fee simple
Replacement cost
General Land Office survey
not standard depth

8. Notice of special assessment public hearings must be given to _
cost approach
direct sales comparison
Board of Review; Michigan Tax Tribunal
owners and interested parties of the property to be assessed

9. If the subject property has a fireplace and air-conditioning and the comp has only air-conditioning - what adjustment would be made to what property?
receives and reviews
exempt
a plus adjustemnt for the fireplace to the comp
Genesee County

10. The formula for using a gross rent multiplier to determine market value is _
Headlee Amendment
receives and reviews
transferability
GRM X MARKET RENT = MARKET VALUE

11. The formula for calculating tax bills is _
Taxable Value x Millage Rate = Tax Bill
fee simple
5 -280 lineal feet
supervisor

12. It is necessary to have an evening meeting unless the residents...
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
Form L-4022
Site/location
demand one

13. Monday December Board of Review begins
Capitalizaiton rate
county multipliers
Tuesday following the second
benefits from the special assessment

14. _ is a loss in value caused by factors outside the property
receives and reviews
sales prices of other parcels similar to the property being appraised
economic obsolescense
directly benefit

15. The Commercial Forest Act permits an owner to put property into a program that permits payment of a _ in lieu of the ad valorem rates
May 1
5 -280 lineal feet
specific tax
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

16. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
real property
Form L-4154
are not
Tuesday following First Monday

17. The _ to value is best used for mass appraisals being done by the assessor.
adverse possession
Cost Approach
# of acres times 43 -560 divided by known dimension
desirability

18. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
utility - scarcity - desirability - transferability
directly benefit
The Land Residual
soil survey; land value

19. is the rent a property could command on the open market
market rent
potential gross income
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
Economic condition factor

20. _ is estimating the cost of a building of similar design and utility
branches
effective gross income
Replacement cost
1 rod

21. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
Headlee Amendment
median
real and personal
Form L-4260

22. Equity within the 83 counties of the state is the responsibility of the _
desirability
State Tax Commission
true cash value
640 acres

23. True cash value is _
income
Divide the sales price by the gross rent
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
real and personal

24. The first meeting of the BOR is held on the _
Tuesday following; first Monday in March
taxes
market comparison approach; cost approach
exempted

25. 16 1/2 feet =
1 rod
Form L-4260
5 -280 lineal feet
income approach

26. CAMA system should estimate replacement cost new less depreciation in the _ approach
market rent
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
cost
Triangle computation of area

27. The income approach calculates the _ of a future income stream
General Land Office survey
present worth
local government unit
exempted

28. _ includes the discount rate - recapture rate - and the effective rate.
640 acres
Front foot
track land sales
Capitalizaiton rate

29. The capitalization rate includes the _ - _ and the _
true cash value
discount rate - recapture rate - effective tax rate
Michigan Constitution
40

30. _ is the rent actually received for a property
contract rent
fee simple - partial estate - and life estate
March BOR
Divide the sales price by the gross rent

31. Cost to construct an exact duplicate of the subject
agricultural personal property; exempt
benefits from the special assessment
reproduction cost
receives and reviews

32. Michigan's Constitution provides for _ of taxation
Triangle computation of area
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
uniform rates
Federal Northwest

33. Michigan's Constitution uses _ to determine assessments
sales prices of other parcels similar to the property being appraised
benefits from the special assessment
Form L-4260
true cash value

34. Who may ask for establishment of an industrial facility tax exemption district?
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
property record cards and assessment maps
market comparison approach; cost approach
the property owner or lessee - or the local government may begin the process of its own volition

35. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
power to tax - eminent domain - police power - escheat
October 31
Michigan General Property Tax Act
Form L-4024

36. The rights of ownership removed by government are _
3/4 Proposal
power to tax - eminent domain - police power - escheat
sales prices of other parcels similar to the property being appraised
expenses not allowable

37. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
county multipliers
General Property Tax Act
5 -280 lineal feet
property record cards and assessment maps

38. In a residential neighborhood - the measurement usually used in developing cost is _
Front foot
cost - sales comparison (market) - and income
Form L-4054
3/4 Proposal

39. You verify a sale _
direct sales comparison
by contacting one of the parties to the transaction (buyer - seller - or realtor)
never the land
power to tax - eminent domain - police power - escheat

40. _ is a loss of utility and therefore of value from any cause
Tuesday following First Monday
sales comparison approach
depreciation
local government unit

41. July Board of Review begins
assessor and Board of Review
GRM X MARKET RENT = MARKET VALUE
are not
Tuesday following Third Monday

42. Churches - schools - libraries and similar institutions are usually...
real estate
fee simple
exempt
County Board of Commissioners

43. The formula for calculating rate is _
electors
income / value
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
discount rate - recapture rate - effective tax rate

44. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
not standard depth
economic obsolescense
beginning value the following year
The Land Residual

45. 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 _
owners and interested parties of the property to be assessed
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
adverse possession
Tuesday following Third Monday

46. 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
sales comparison
October 31
income approach
expenses not allowable

47. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
fee simple
demand one
determining the primary use of the property; in this case probably agricultural or residential
General Property Tax Act

48. The General Property Tax Law states that agricultural operations means farming in all its _
County Board of Commissioners
branches
Form L-4260
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

49. All meetings of the BOR are governed by the _
agricultural personal property; exempt
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
Open Meetings Act
discount rate - recapture rate - effective tax rate

50. Taxable unless specifically exempted
Form L-4023
Site/location
real and personal
Reproduction cost