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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. The right to use - occupy - and control a property for the length of the lessee's life
receives and reviews
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
life estate
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

2. _ is estimating the cost of an exact duplication of the building
May 1
1 rod
Reproduction cost
northeast corner with section 1 and proceed west to section 6

3. It is necessary to have an evening meeting unless the residents...
demand one
640 acres
Capitalizaiton rate
The Land Residual

4. The second meeting of the BOR is held to _
percent good
Circle computation of area
hear appeals from taxpayers or their agents
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

5. In a township - the _ is the secretary of the Board of Review
exterior
local government unit
agricultural personal property; exempt
supervisor

6. Most taxpayers must appeal to the local _ before appealing to the _
Board of Review; Michigan Tax Tribunal
real estate
present worth
Michigan General Property Tax Act

7. Enacted in 1893
Michigan General Property Tax Act
physical - functional - and economic
July and December BOR
Board of Review; Michigan Tax Tribunal

8. Members of the Board of Review must be _ of the township
economic obsolescense
northeast corner with section 1 and proceed west to section 6
electors
determining the primary use of the property; in this case probably agricultural or residential

9. The _ must approve the application for an IFT before the State Tax Commission approves the application
Township Board; City Council
assessor and Board of Review
local government unit
adverse possession

10. The General Property Tax Law states that agricultural operations means farming in all its _
branches
exterior
market 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

11. Depreciation in the assessing process is expressed as a _
Circle computation of area
percent good
income
Cost Approach

12. Deadline for filing Principal Residence Affidavits
Circle computation of area
effective gross income
estimate the assessment
May 1

13. The three approaches to value
branches
the property owner or lessee - or the local government may begin the process of its own volition
real estate
cost - sales comparison (market) - and income

14. Pole barns - silos - and large grain bins are considered _
supervisor
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
Form L-4046
typical farm buildings

15. Deadline for filing personal property statements
desirability
February 20
sales comparison
taxation - eminent domain - and police powers

16. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
power to tax - eminent domain - police power - escheat
Tuesday following First Monday
Form L-4023
median

17. Public rights-of-way are _
supervisor
replacement cost
exempt
cost - sales comparison (market) - and income

18. If a business fails to file a personal property statement - the assessor shall _
supervisor
Form L-4022
estimate the assessment
Private Forest Reserve

19. Radius squared times Pi (3.1416)
Circle computation of area
Front foot
Township Board; City Council
State Tax Commission

20. The market rent times the number of units availabe to rent is _
discount rate - recapture rate - effective tax rate
taxes
transferability
potential gross income

21. Notices of the decisions of the BOR must be mailed by the _
agricultural personal property; exempt
Taxable Value X Millage Rate
first Monday in June
receives and reviews

22. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
market rent
cost approach
Township Board; City Council
Michigan Constitution

23. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
Interest or discount
track land sales
market value; existing property
effective gross income

24. Tax day
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
December 31
$421 -052
Taxable Value x Millage Rate = Tax Bill

25. Vacant land adjustments have to be made for differences in _
value in use
income
lots and blocks
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

26. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
expenses allowable
Form L-4024
never the land
Form L-4054

27. Cost to construct an exact duplicate of the subject
reproduction cost
a plus adjustemnt for the fireplace to the comp
property record cards and assessment maps
direct sales comparison

28. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
market rent
Site/location
sales comparison approach

29. CAMA system should estimate replacement cost new less depreciation in the _ approach
track land sales
supervisor
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
cost

30. Movable irrigation systems including pumps not an integral part of a well are _ and are _
40
Michigan General Property Tax Act
agricultural personal property; exempt
specific tax

31. _ are expenses that may be part of the capitalization rate such as depreciation and property taxes or capital improvement expenses and the owner's costs and corporation costs; also not income taxes.
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
December 31
expenses not allowable
General Property Tax Act

32. July Board of Review begins
Tuesday following Third Monday
depreciation
soil survey; land value
Replacement cost

33. The three categories of depreciation are _
physical - functional - and economic
typical farm buildings
county multipliers
CAMA

34. Proposal A had the immediate result of _ property taxes in the state
Interest or discount
contract rent
the property owner or lessee - or the local government may begin the process of its own volition
reducing

35. Used to value the income stream of a property
Board of Review; Michigan Tax Tribunal
income approach
market rent
to hear appeals of the tentative taxable value

36. Definition of ad valorem
Replacement cost
demand one
at value
effective gross income

37. Michigan's Constitution uses _ to determine assessments
Genesee County
operating expenses
true cash value
43 -560 square feet

38. The return on the investment called in the capitalization rate is _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Interest or discount
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
County Board of Commissioners

39. Requires that the ratio of assessments to true cash value not exceed 50%
Replacement cost
Michigan Constitution
Economic condition factor
CAMA

40. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
sales prices of other parcels similar to the property being appraised
Industrial Facility Tax Abatement
income
operating expenses

41. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
exempt
operating expenses
market comparison approach; cost approach
Reproduction cost

42. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
soil survey; land value
$1 per acre
Form L-4024
fee simple

43. _ is the rent actually received for a property
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
contract rent
percent good
branches

44. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
determining the primary use of the property; in this case probably agricultural or residential
exempted
are not
July; July Board of Review

45. Formula used to calculate taxes is _
Form L-4046
$1 per acre
Taxable Value X Millage Rate
true cash value

46. 1 acre =
fee simple
43 -560 square feet
assessor and Board of Review
Taxable Value x Millage Rate = Tax Bill

47. The formula for calculating rate is _
to hear appeals of the tentative taxable value
income / value
Form L-4025
July and December BOR

48. Half the base times the height
Triangle computation of area
operating expenses
determining the primary use of the property; in this case probably agricultural or residential
Genesee County

49. Net income is _ minus _
potential income; vacancy - bad debt and operating expenses
March BOR
a plus adjustemnt for the fireplace to the comp
12

50. A consumer must want the product for it to have value
Number 1
rate x value
desirability
uniform rates