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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. To calculate a gross rent multiplier - _
depreciation
The Land Residual
at value
Divide the sales price by the gross rent

2. is the rent a property could command on the open market
market rent
12
Private Forest Reserve
power to tax - eminent domain - police power - escheat

3. Net income is _ minus _
potential income; vacancy - bad debt and operating expenses
uniform rates
Triangle computation of area
May 1

4. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
July; July Board of Review
Federal Northwest
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Economic condition factor

5. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
exempted
The Land Residual
lots and blocks
true cash value

6. Approved by voters in 1978
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Headlee Amendment
40
December 31

7. _ soil is considered the most productive
Board of Review; Michigan Tax Tribunal
640 acres
Triangle computation of area
Number 1

8. True cash value is _
county multipliers
replacement cost new; depreciation
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
are not

9. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
estimate the assessment
50%; usual selling price
real property
never the land

10. _ 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
Form L-4025
taxes
expenses allowable
economic obsolescense

11. It is necessary to have an evening meeting unless the residents...
Reproduction cost
Tuesday following First Monday
Form L-4025
demand one

12. The government is authorized to levy taxes in the _
value in exchange
the property owner or lessee - or the local government may begin the process of its own volition
beginning value the following year
Michigan Constitution

13. Special assessments are not levied on all real and personal property that...
supervisor
benefits from the special assessment
$421 -052
Summation Method- Bank of Investment Method - and Market Comparison Method

14. Equity within the 83 counties of the state is the responsibility of the _
partial estate
Reproduction cost
State Tax Commission
5 -280 lineal feet

15. _ are used to value income-producing residential property
Michigan Constitution
May 1
Replacement cost
gross rent multipliers

16. A consumer must want the product for it to have value
utility - scarcity - desirability - transferability
Circle computation of area
desirability
physical - functional - and economic

17. Notices of the decisions of the BOR must be mailed by the _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Michigan Constitution
first Monday in June
Tuesday following Third Monday

18. In a residential neighborhood - the measurement usually used in developing cost is _
ground floor area
Front foot
reproduction cost
Capitalizaiton rate

19. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Form L-4022
taxes
County Board of Commissioners
directly benefit

20. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
median
value in use
Form L-4025
Taxable Value x Millage Rate = Tax Bill

21. CAMA system should estimate replacement cost new less depreciation in the _ approach
Headlee Amendment
are not
cost
July; July Board of Review

22. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
expenses not allowable
October 31
$421 -052
Tuesday following First Monday

23. The definition of market value is _
estimate the assessment
direct sales comparison
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
Private Forest Reserve

24. The formula for calculating income is _
rate x value
are
effective gross income
Tuesday following the second

25. Personal property statemetns are due on _
Triangle computation of area
Tuesday following First Monday
February 20
sales prices of other parcels similar to the property being appraised

26. The _ to value is best used for mass appraisals being done by the assessor.
economic obsolescense
Replacement cost
Cost Approach
not standard depth

27. The Tuesday following the third Monday in _ is the _ meeting.
ground floor area
March BOR
July; July Board of Review
Form L-4054

28. Monday December Board of Review begins
Tuesday following; first Monday in March
market comparison approach; cost approach
Tuesday following Third Monday
Tuesday following the second

29. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
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
Form L-4260
Replacement cost

30. The second meeting of the BOR is held to _
October 31
Replacement cost
Taxable Value X Millage Rate
hear appeals from taxpayers or their agents

31. Market value of property is _
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
market comparison approach; cost approach
potential income; vacancy - bad debt and operating expenses
3/4 Proposal

32. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
Rectangular computation of area
adverse possession
Capitalizaiton rate
Private Forest Reserve

33. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
demand one
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
supervisor
effective gross income

34. One use of land value maps is to _
track land sales
exempted
expenses not allowable
Summation Method- Bank of Investment Method - and Market Comparison Method

35. _ is estimating the cost of a building of similar design and utility
demand one
Replacement cost
branches
taxation - eminent domain - and police powers

36. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
Taxable Value x Millage Rate = Tax Bill
to hear appeals of the tentative taxable value
Private Forest Reserve
Form L-4022

37. The formula for calculating value is _
is
Interest or discount
Income / rate
County Board of Commissioners

38. The most common types of ownership are _
General Land Office survey
CAMA
fee simple - partial estate - and life estate
gross rent multipliers

39. _ is a loss of utility and therefore of value from any cause
real estate
depreciation
Income / rate
hear appeals from taxpayers or their agents

40. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
Form L-4046
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Open Meetings Act
$1 per acre

41. The difference between commercial and industrial property is _
Headlee Amendment
1 rod
Industrial Facility Tax Abatement
county multipliers

42. 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 _
adverse possession
hear appeals from taxpayers or their agents
the property owner or lessee - or the local government may begin the process of its own volition
reducing

43. Personal property forms must be approved by the _
owners and interested parties of the property to be assessed
State Tax Commission
real estate
directly benefit

44. Movable irrigation systems including pumps not an integral part of a well are _ and are _
cost
agricultural personal property; exempt
income
electors

45. Members of the Board of Review must be _ of the township
Divide the sales price by the gross rent
soil survey; land value
real estate
electors

46. The three principal steps in the cost approach are _
real and personal
Income / rate
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
replacement cost new; depreciation

47. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
exterior
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
receives and reviews
typical farm buildings

48. Special assessments must _ the properties in the district
determining the primary use of the property; in this case probably agricultural or residential
directly benefit
40
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

49. The formula for calculating tax bills is _
potential income; vacancy - bad debt and operating expenses
Taxable Value x Millage Rate = Tax Bill
exempt
Michigan Constitution

50. The three categories of depreciation are _
sales prices of other parcels similar to the property being appraised
percent good
assessor and Board of Review
physical - functional - and economic