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MCAO: Michigan Certified Assessing Officer

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Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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1. _ is the rent actually received for a property
potential income; vacancy - bad debt and operating expenses
February 20
Township Board; City Council
contract rent

2. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
5 -280 lineal feet
640 acres
County Board of Commissioners
to hear appeals of the tentative taxable value

3. Pole barns - silos - and large grain bins are considered _
Federal Northwest
Form L-4022
are not
typical farm buildings

4. When measuring a house - you use _ measurements
reducing
at value
Private Forest Reserve
exterior

5. The government retains the following powers
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
income
reproduction cost
taxation - eminent domain - and police powers

6. The formula for calculating value is _
the property owner or lessee - or the local government may begin the process of its own volition
Front foot
5 -280 lineal feet
Income / rate

7. The three categories of depreciation are _
replacement cost new; depreciation
typical farm buildings
supervisor
physical - functional - and economic

8. Most taxpayers must appeal to the local _ before appealing to the _
Board of Review; Michigan Tax Tribunal
life estate
direct sales comparison
determining the primary use of the property; in this case probably agricultural or residential

9. Radius squared times Pi (3.1416)
Private Forest Reserve
Circle computation of area
real estate
County multipliers

10. The rights of ownership removed by government are _
power to tax - eminent domain - police power - escheat
County Board of Commissioners
expenses not allowable
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

11. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Form L-4046
never the land
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
CAMA

12. Definition of ad valorem
economic obsolescense
are
reproduction cost
at value

13. _ are used to value income-producing residential property
gross rent multipliers
Michigan General Property Tax Act
Form L-4024
net income

14. Used to value the income stream of a property
income approach
typical farm buildings
Form L-4154
depreciation

15. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
fee simple - partial estate - and life estate
median
life estate
to hear appeals of the tentative taxable value

16. The formula for calculating tax bills is _
Federal Northwest
Taxable Value x Millage Rate = Tax Bill
Rectangular survey; metes and bounds; platted or recorded subdivision
Number 1

17. Methods used to describe property in Michigan
Form L-4022
reducing
fee simple
Rectangular survey; metes and bounds; platted or recorded subdivision

18. Churches - schools - libraries and similar institutions are usually...
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
exempt
Rectangular computation of area
assessor and Board of Review

19. Public rights-of-way are _
CAMA
effective gross income
640 acres
exempt

20. Proposal A had the immediate result of _ property taxes in the state
reducing
life estate
cost
income

21. The capitalization rate includes the _ - _ and the _
market value; existing property
discount rate - recapture rate - effective tax rate
Economic condition factor
CAMA

22. Value is determined by _
utility - scarcity - desirability - transferability
real property
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
Township Board; City Council

23. Market value of property is _
Economic condition factor
income / value
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
1 rod

24. Notices of the decisions of the BOR must be mailed by the _
Private Forest Reserve
Federal Northwest
Summation Method- Bank of Investment Method - and Market Comparison Method
first Monday in June

25. Personal property may be _
physical - functional - and economic
taxation - eminent domain - and police powers
uniform rates
tangible or intangible

26. The value property has in a specific use
Tuesday following the second
cost approach
benefits from the special assessment
value in use

27. In a township - the _ is the secretary of the Board of Review
supervisor
real property
$1 per acre
reproduction cost

28. The three approaches to value
cost - sales comparison (market) - and income
directly benefit
real and personal
May 1

29. The cost approach is used to estimate _ of an _
$421 -052
market value; existing property
Form L-4046
net income

30. _ includes the discount rate - recapture rate - and the effective rate.
agricultural personal property; exempt
Capitalizaiton rate
Number 1
May 1

31. Movable irrigation systems including pumps not an integral part of a well are _ and are _
true cash value
agricultural personal property; exempt
County multipliers
ground floor area

32. Not transfers of ownership
Capitalizaiton rate
branches
value in use
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

33. The _ determines the size for rates
# of acres times 43 -560 divided by known dimension
ground floor area
March BOR
July and December BOR

34. 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
demand one
Replacement cost
General Land Office survey

35. The _ to value is best used for mass appraisals being done by the assessor.
fee simple
typical farm buildings
real estate
Cost Approach

36. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
expenses not allowable
percent good
first Monday in June
The Land Residual

37. 16 1/2 feet =
640 acres
Michigan Constitution
1 rod
present worth

38. The Tuesday following the third Monday in _ is the _ meeting.
cost - sales comparison (market) - and income
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
track land sales
July; July Board of Review

39. There are _ in a section
February 20
depreciation
640 acres
Form L-4154

40. Enacted in 1893
transferability
reproduction cost
Michigan General Property Tax Act
Genesee County

41. _ are applied to the cost schedules in the manuals
Board of Review; Michigan Tax Tribunal
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
County multipliers
General Property Tax Act

42. A consumer must want the product for it to have value
directly benefit
desirability
# of acres times 43 -560 divided by known dimension
soil survey; land value

43. There are _ in a geographical township
Michigan General Property Tax Act
reproduction cost
net income
36 sections

44. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
are not
track land sales
Summation Method- Bank of Investment Method - and Market Comparison Method
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

45. 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
owners and interested parties of the property to be assessed
assessor and Board of Review
sales prices of other parcels similar to the property being appraised

46. Special assessment districts are commonly used for _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
State Tax Commission
are not
43 -560 square feet

47. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
beginning value the following year
Cost Approach
February 20
reproduction cost

48. _ soil is considered the most productive
uniform rates
reproduction cost
income
Number 1

49. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Form L-4022
income
depreciation
Industrial Facility Tax Abatement

50. A depth factor chart is used to adjust lots that are _
fee simple
is
depreciation
not standard depth

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MCAO: Michigan Certified Assessing Officer

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