Test your basic knowledge |

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 rights of ownership removed by government are _
receives and reviews
assessor and Board of Review
power to tax - eminent domain - police power - escheat
real and personal

2. Compares the property beign appraised to similar properties that have recently sold
State Tax Commission
sales comparison approach
Headlee Amendment
are

3. Equity at the local level is the responsibility of the _
assessor and Board of Review
northeast corner with section 1 and proceed west to section 6
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
43 -560 square feet

4. The three approaches to value
are not
demand one
Site/location
cost - sales comparison (market) - and income

5. Special assessments are not levied on all real and personal property that...
Triangle computation of area
Capitalizaiton rate
Number 1
benefits from the special assessment

6. May change assessment for current year
43 -560 square feet
Capitalizaiton rate
March BOR
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

7. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
cost - sales comparison (market) - and income
The Land Residual
Number 1
lots and blocks

8. The second meeting of the BOR is held to _
hear appeals from taxpayers or their agents
Interest or discount
July and December BOR
State Tax Commission

9. _ is estimating the cost of a building of similar design and utility
State Tax Commission
General Land Office survey
Replacement cost
typical farm buildings

10. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Site/location
Form L-4022
July and December BOR
43 -560 square feet

11. 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 _
value in exchange
Open Meetings Act
50%; usual selling price
reproduction cost

12. Methods used to describe property in Michigan
$1 per acre
owners and interested parties of the property to be assessed
desirability
Rectangular survey; metes and bounds; platted or recorded subdivision

13. 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?
Rectangular computation of area
a plus adjustemnt for the fireplace to the comp
Rectangular survey; metes and bounds; platted or recorded subdivision
income approach

14. _ is estimating the cost of an exact duplication of the building
Reproduction cost
5 -280 lineal feet
are not
Private Forest Reserve

15. Cost to construct improvement with the same functional utility of the subject
income approach
by contacting one of the parties to the transaction (buyer - seller - or realtor)
replacement cost
physical - functional - and economic

16. The discount rate may be developed by the following:
not standard depth
Summation Method- Bank of Investment Method - and Market Comparison Method
Divide the sales price by the gross rent
branches

17. If a business fails to file a personal property statement - the assessor shall _
Form L-4024
estimate the assessment
Rectangular computation of area
taxation - eminent domain - and police powers

18. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Open Meetings Act
benefits from the special assessment
Form L-4023
Form L-4260

19. True cash value is _
February 20
Michigan Constitution
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
Michigan General Property Tax Act

20. Equity within the county is the responsibility of the _
County Board of Commissioners
July; July Board of Review
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
State Tax Commission

21. Used to value the income stream of a property
cost approach
utility - scarcity - desirability - transferability
income approach
fee simple - partial estate - and life estate

22. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
power to tax - eminent domain - police power - escheat
General Land Office survey
Form L-4024

23. 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
Form L-4154
property record cards and assessment maps
expenses not allowable
specific tax

24. Potential income minus vacancy - bad debt - and operating expenses is the _
net income
rate x value
is
electors

25. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
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
Summation Method- Bank of Investment Method - and Market Comparison Method
replacement cost new; depreciation
property record cards and assessment maps

26. You verify a sale _
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
life estate
by contacting one of the parties to the transaction (buyer - seller - or realtor)
track land sales

27. There are _ in a section
Township Board; City Council
Summation Method- Bank of Investment Method - and Market Comparison Method
Form L-4024
640 acres

28. _ includes the discount rate - recapture rate - and the effective rate.
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
desirability
potential gross income
Capitalizaiton rate

29. March Board of Review begins
true cash value
Tuesday following First Monday
discount rate - recapture rate - effective tax rate
typical farm buildings

30. Approved by voters in 1978
typical farm buildings
Headlee Amendment
Front foot
adverse possession

31. Special assessment districts are commonly used for _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
net income
Rectangular survey; metes and bounds; platted or recorded subdivision
Form L-4025

32. _ is a loss of utility and therefore of value from any cause
depreciation
February 20
effective gross income
market rent

33. The value of vacant land is estimated using _
income / value
sales prices of other parcels similar to the property being appraised
exempted
rate x value

34. Notice of special assessment public hearings must be given to _
owners and interested parties of the property to be assessed
property record cards and assessment maps
potential income; vacancy - bad debt and operating expenses
Tuesday following Third Monday

35. When measuring a house - you use _ measurements
State Tax Commission
agricultural personal property; exempt
sales comparison approach
exterior

36. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
December 31
Site/location
benefits from the special assessment
utility - scarcity - desirability - transferability

37. The return on the investment called in the capitalization rate is _
expenses allowable
Tuesday following; first Monday in March
are not
Interest or discount

38. Churches - schools - libraries and similar institutions are usually...
exempt
County multipliers
sales comparison approach
Rectangular survey; metes and bounds; platted or recorded subdivision

39. There are _ in a geographical township
reducing
northeast corner with section 1 and proceed west to section 6
36 sections
market rent

40. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
contract rent
effective gross income
reducing
market comparison approach; cost approach

41. In a township - the _ is the secretary of the Board of Review
uniform rates
beginning value the following year
Tuesday following the second
supervisor

42. A limits the maximum amount of ad valorem taxes that may be levied for school district operating purposes. The change this maximum requires a vote of _ of the legislature to approve.
Taxable Value X Millage Rate
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
local government unit
3/4 Proposal

43. The formula for calculating rate is _
Form L-4022
county multipliers
income / value
taxes

44. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
market value; existing property
income / value
expenses allowable
40

45. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
not standard depth
by contacting one of the parties to the transaction (buyer - seller - or realtor)
directly benefit
to hear appeals of the tentative taxable value

46. The formula for using a gross rent multiplier to determine market value is _
Form L-4023
income approach
GRM X MARKET RENT = MARKET VALUE
Federal Northwest

47. The amount of money or goods you can receive if you sell property
economic obsolescense
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
value in exchange
by contacting one of the parties to the transaction (buyer - seller - or realtor)

48. The formula for calculating tax bills is _
Taxable Value x Millage Rate = Tax Bill
income / value
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
electors

49. _ 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.
expenses not allowable
40
directly benefit
Taxable Value x Millage Rate = Tax Bill

50. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
true cash value
1 rod
market comparison approach; cost approach
are not