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Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
Start Test
Study First
Subject
:
certifications
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. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
Form L-4025
State Tax Commission
# of acres times 43 -560 divided by known dimension
value in use
2. Taxable unless specifically exempted
Cost Approach
real and personal
by contacting one of the parties to the transaction (buyer - seller - or realtor)
uniform rates
3. July Board of Review begins
electors
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Headlee Amendment
Tuesday following Third Monday
4. The amount of money or goods you can receive if you sell property
October 31
value in exchange
potential gross income
reducing
5. Special assessments are not levied on all real and personal property that...
discount rate - recapture rate - effective tax rate
October 31
benefits from the special assessment
market value; existing property
6. Definition of ad valorem
at value
to hear appeals of the tentative taxable value
Rectangular computation of area
exempt
7. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
demand one
expenses allowable
soil survey; land value
sales comparison
8. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
Form L-4154
State Tax Commission
Industrial Facility Tax Abatement
direct sales comparison
9. The income approach calculates the _ of a future income stream
present worth
43 -560 square feet
effective gross income
tangible or intangible
10. _ is estimating the cost of an exact duplication of the building
taxes
Reproduction cost
sales comparison
Tuesday following Third Monday
11. The cost approach is used to estimate _ of an _
uniform rates
Divide the sales price by the gross rent
estimate the assessment
market value; existing property
12. Length times the width
Rectangular computation of area
Front foot
50%; usual selling price
Board of Review; Michigan Tax Tribunal
13. The three principal steps in the cost approach are _
Private Forest Reserve
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
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
tangible or intangible
14. _ are used to value income-producing residential property
Economic condition factor
expenses allowable
gross rent multipliers
Form L-4154
15. 1 mile =
are not
5 -280 lineal feet
The Land Residual
Form L-4154
16. Cost to construct improvement with the same functional utility of the subject
40
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
Form L-4046
replacement cost
17. 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?
a plus adjustemnt for the fireplace to the comp
real estate
exterior
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
18. The highest degree of ownership
fee simple
Capitalizaiton rate
Board of Review; Michigan Tax Tribunal
$421 -052
19. Michigan's Constitution uses _ to determine assessments
50%; usual selling price
July and December BOR
true cash value
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
20. When measuring a house - you use _ measurements
3/4 Proposal
cost approach
demand one
exterior
21. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
value in use
typical farm buildings
$1 per acre
July; July Board of Review
22. Cost to construct an exact duplicate of the subject
life estate
General Property Tax Act
determining the primary use of the property; in this case probably agricultural or residential
reproduction cost
23. Notice of special assessment public hearings must be given to _
true cash value
never the land
Tuesday following First Monday
owners and interested parties of the property to be assessed
24. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
branches
40
Triangle computation of area
Form L-4023
25. Requires that the ratio of assessments to true cash value not exceed 50%
General Property Tax Act
Summation Method- Bank of Investment Method - and Market Comparison Method
Tuesday following First Monday
Michigan Constitution
26. The value of vacant land is estimated using _
property record cards and assessment maps
40
Form L-4025
sales prices of other parcels similar to the property being appraised
27. In July and December - the BOR may meet to _
economic obsolescense
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Cost Approach
cost
28. A platted subdivision is described by _
Industrial Facility Tax Abatement
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
median
lots and blocks
29. The right to use - occupy - and control a property for the length of the lessee's life
May 1
Form L-4260
life estate
Michigan General Property Tax Act
30. _ is a loss of utility and therefore of value from any cause
income
Economic condition factor
depreciation
Private Forest Reserve
31. The formula for calculating value is _
Income / rate
determining the primary use of the property; in this case probably agricultural or residential
640 acres
5 -280 lineal feet
32. The usual reference source regarding assessment and taxes
5 -280 lineal feet
market value; existing property
General Property Tax Act
sales comparison
33. May change assessment for current year
State Tax Commission
estimate the assessment
owners and interested parties of the property to be assessed
March BOR
34. _ is used to adjust the cosst approach to market value for residential properties
Economic condition factor
by contacting one of the parties to the transaction (buyer - seller - or realtor)
December 31
transferability
35. The government retains the following powers
# of acres times 43 -560 divided by known dimension
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
taxation - eminent domain - and police powers
December 31
36. The BOR _ and _ the roll
assessor and Board of Review
receives and reviews
Triangle computation of area
Form L-4025
37. Approved by voters in 1978
Headlee Amendment
supervisor
$421 -052
income
38. _ is the rent actually received for a property
General Land Office survey
contract rent
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
estimate the assessment
39. The first meeting of the BOR is held on the _
Tuesday following; first Monday in March
50%; usual selling price
income
the property owner or lessee - or the local government may begin the process of its own volition
40. The rights of ownership removed by government are _
desirability
power to tax - eminent domain - police power - escheat
replacement cost new; depreciation
fee simple - partial estate - and life estate
41. To calculate a gross rent multiplier - _
May 1
taxation - eminent domain - and police powers
median
Divide the sales price by the gross rent
42. Deadline for filing personal property statements
net income
by contacting one of the parties to the transaction (buyer - seller - or realtor)
1 rod
February 20
43. The three approaches to value
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
cost - sales comparison (market) - and income
Cost Approach
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
44. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
desirability
Private Forest Reserve
at value
Tuesday following First Monday
45. Tax day
December 31
March BOR
typical farm buildings
Capitalizaiton rate
46. A private claim describes property that was occupied prior to the _
fee simple
General Land Office survey
local government unit
demand one
47. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
40
3/4 Proposal
Reproduction cost
beginning value the following year
48. Proposal A had the immediate result of _ property taxes in the state
reducing
exempted
Form L-4024
adverse possession
49. 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 _
State Tax Commission
replacement cost
exempt
50%; usual selling price
50. Inventory (is/is not) exempt
5 -280 lineal feet
is
Summation Method- Bank of Investment Method - and Market Comparison Method
$1 per acre