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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. Definition of ad valorem
at value
cost - sales comparison (market) - and income
exempt
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

2. Compares the property beign appraised to similar properties that have recently sold
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
sales comparison approach
a plus adjustemnt for the fireplace to the comp
property record cards and assessment maps

3. Personal property may be _
owners and interested parties of the property to be assessed
tangible or intangible
Summation Method- Bank of Investment Method - and Market Comparison Method
5 -280 lineal feet

4. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
March BOR
October 31
county multipliers
CAMA

5. Not transfers of ownership
value in exchange
receives and reviews
Michigan Constitution
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

6. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
potential gross income
40
northeast corner with section 1 and proceed west to section 6
General Property Tax Act

7. Management costs in timber-cutover include _ which are usually the largest expense in this classification
never depreciated
cost - sales comparison (market) - and income
by contacting one of the parties to the transaction (buyer - seller - or realtor)
taxes

8. IFT certificates are granted for _ years with a possible 2-year construction period
northeast corner with section 1 and proceed west to section 6
Form L-4260
the property owner or lessee - or the local government may begin the process of its own volition
12

9. The return on the investment called in the capitalization rate is _
discount rate - recapture rate - effective tax rate
Interest or discount
Genesee County
GRM X MARKET RENT = MARKET VALUE

10. True cash value is _
expenses allowable
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
Replacement cost
discount rate - recapture rate - effective tax rate

11. Personal property statemetns are due on _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
February 20
directly benefit
Reproduction cost

12. 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
Federal Northwest
income / value
sales comparison
exterior

13. Special assessment districts are commonly used for _
reducing
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
taxation - eminent domain - and police powers
expenses allowable

14. The usual reference source regarding assessment and taxes
Private Forest Reserve
Headlee Amendment
Form L-4023
General Property Tax Act

15. _ is estimating the cost of a building of similar design and utility
Replacement cost
tangible or intangible
5 -280 lineal feet
operating expenses

16. In a township - the _ is the secretary of the Board of Review
are not
by contacting one of the parties to the transaction (buyer - seller - or realtor)
supervisor
taxes

17. One use of land value maps is to _
$1 per acre
track land sales
not standard depth
fee simple - partial estate - and life estate

18. Who may ask for establishment of an industrial facility tax exemption district?
Form L-4154
the property owner or lessee - or the local government may begin the process of its own volition
Tuesday following the second
branches

19. Methods used to describe property in Michigan
Rectangular survey; metes and bounds; platted or recorded subdivision
Circle computation of area
cost
potential income; vacancy - bad debt and operating expenses

20. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
December 31
Site/location
electors
median

21. To calculate a gross rent multiplier - _
Divide the sales price by the gross rent
electors
1 rod
percent good

22. The General Property Tax Law states that agricultural operations means farming in all its _
agricultural personal property; exempt
December 31
Taxable Value X Millage Rate
branches

23. The government retains the following powers
taxation - eminent domain - and police powers
discount rate - recapture rate - effective tax rate
Replacement cost
County multipliers

24. _ are applied to the cost schedules in the manuals
Open Meetings Act
physical - functional - and economic
utility - scarcity - desirability - transferability
County multipliers

25. A depth factor chart is used to adjust lots that are _
power to tax - eminent domain - police power - escheat
not standard depth
lots and blocks
Form L-4023

26. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
exempt
ground floor area
property record cards and assessment maps
Form L-4260

27. The formula for calculating tax bills is _
exempted
Tuesday following Third Monday
Taxable Value x Millage Rate = Tax Bill
property record cards and assessment maps

28. Used to estimate the cost of constructing improvements to the land
cost approach
General Land Office survey
12
real property

29. Inventory (is/is not) exempt
expenses not allowable
is
demand one
Income / rate

30. Vacant land adjustments have to be made for differences in _
Cost Approach
operating expenses
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Rectangular survey; metes and bounds; platted or recorded subdivision

31. Length times the width
Michigan Constitution
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
gross rent multipliers
Rectangular computation of area

32. 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 _
$421 -052
County Board of Commissioners
Michigan Constitution
Form L-4022

33. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
July and December BOR
tangible or intangible
reducing
percent good

34. The discount rate may be developed by the following:
taxation - eminent domain - and police powers
Tuesday following First Monday
Summation Method- Bank of Investment Method - and Market Comparison Method
at value

35. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
transferability
Form L-4023
exempt
depreciation

36. Cost to construct an exact duplicate of the subject
General Property Tax Act
reproduction cost
replacement cost new; depreciation
owners and interested parties of the property to be assessed

37. Enacted in 1893
Michigan General Property Tax Act
Number 1
power to tax - eminent domain - police power - escheat
percent good

38. Half the base times the height
property record cards and assessment maps
is
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Triangle computation of area

39. 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
Income / rate
Divide the sales price by the gross rent
County Board of Commissioners

40. _ is the rent actually received for a property
desirability
Site/location
contract rent
Industrial Facility Tax Abatement

41. The definition of the economic principle of highest and best use is _
Form L-4154
Circle computation of area
agricultural personal property; exempt
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

42. The value property has in a specific use
value in use
sales comparison
Economic condition factor
October 31

43. Equity at the local level is the responsibility of the _
Interest or discount
assessor and Board of Review
Michigan General Property Tax Act
never the land

44. The most common types of ownership are _
contract rent
fee simple - partial estate - and life estate
Form L-4022
sales comparison approach

45. It (is not necessary to use __________ when valuing agricultural property.
Taxable Value x Millage Rate = Tax Bill
12
county multipliers
Tuesday following First Monday

46. The first meeting of the BOR is held on the _
Replacement cost
estimate the assessment
State Tax Commission
Tuesday following; first Monday in March

47. The three principal steps in the cost approach are _
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
Form L-4022
income
Triangle computation of area

48. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
cost approach
Economic condition factor
Cost Approach

49. Approved by voters in 1978
taxes
36 sections
Headlee Amendment
General Land Office survey

50. There are _ in a section
640 acres
income
Divide the sales price by the gross rent
partial estate