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. 16 1/2 feet =
cost approach
1 rod
never depreciated
present worth

2. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
rate x value
real property
first Monday in June
County multipliers

3. The discount rate may be developed by the following:
Open Meetings Act
Summation Method- Bank of Investment Method - and Market Comparison Method
County Board of Commissioners
owners and interested parties of the property to be assessed

4. _ is the rent actually received for a property
ground floor area
February 20
exempted
contract rent

5. July Board of Review begins
first Monday in June
Michigan Constitution
true cash value
Tuesday following Third Monday

6. Value is determined by _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Form L-4022
Private Forest Reserve
utility - scarcity - desirability - transferability

7. The formula for calculating income is _
income approach
Township Board; City Council
real and personal
rate x value

8. The BOR _ and _ the roll
Board of Review; Michigan Tax Tribunal
receives and reviews
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
County multipliers

9. Capped value is _

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183

10. Tax day
potential income; vacancy - bad debt and operating expenses
uniform rates
Federal Northwest
December 31

11. Cost to construct improvement with the same functional utility of the subject
replacement cost
1 rod
Federal Northwest
Genesee County

12. The rights of ownership removed by government are _
cost approach
power to tax - eminent domain - police power - escheat
$421 -052
lots and blocks

13. Notice of special assessment public hearings must be given to _
Rectangular computation of area
owners and interested parties of the property to be assessed
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
directly benefit

14. 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.
median
true cash value
3/4 Proposal
Headlee Amendment

15. 1 acre =
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
43 -560 square feet
State Tax Commission
effective gross income

16. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
Reproduction cost
Form L-4046
northeast corner with section 1 and proceed west to section 6
determining the primary use of the property; in this case probably agricultural or residential

17. Management costs in timber-cutover include _ which are usually the largest expense in this classification
Form L-4154
5 -280 lineal feet
taxes
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

18. May change assessment for current year
Michigan Constitution
March BOR
12
expenses not allowable

19. The value of vacant land is estimated using _
Replacement cost
$1 per acre
sales prices of other parcels similar to the property being appraised
life estate

20. The four basic steps in the sales comparison approach is _
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
3/4 Proposal
partial estate
State Tax Commission

21. There are _ in a geographical township
never the land
replacement cost new; depreciation
36 sections
tangible or intangible

22. The formula for using a gross rent multiplier to determine market value is _
market rent
GRM X MARKET RENT = MARKET VALUE
Triangle computation of area
percent good

23. A private claim describes property that was occupied prior to the _
Tuesday following Third Monday
General Land Office survey
Divide the sales price by the gross rent
is

24. Most taxpayers must appeal to the local _ before appealing to the _
5 -280 lineal feet
Board of Review; Michigan Tax Tribunal
operating expenses
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

25. _ are used to value income-producing residential property
potential gross income
gross rent multipliers
a plus adjustemnt for the fireplace to the comp
cost

26. CAMA system should estimate replacement cost new less depreciation in the _ approach
Open Meetings Act
market rent
County Board of Commissioners
cost

27. Taxable unless specifically exempted
sales prices of other parcels similar to the property being appraised
real and personal
cost - sales comparison (market) - and income
Interest or discount

28. March Board of Review begins
Tuesday following First Monday
market rent
supervisor
1 rod

29. 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
the property owner or lessee - or the local government may begin the process of its own volition
sales comparison
exempted
July and December BOR

30. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
benefits from the special assessment
Form L-4154
power to tax - eminent domain - police power - escheat
property record cards and assessment maps

31. Deadline for filing personal property statements
Tuesday following; first Monday in March
GRM X MARKET RENT = MARKET VALUE
Interest or discount
February 20

32. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
northeast corner with section 1 and proceed west to section 6
Township Board; City Council
$421 -052

33. 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
first Monday in June
typical farm buildings
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
specific tax

34. The three categories of depreciation are _
Form L-4025
physical - functional - and economic
power to tax - eminent domain - police power - escheat
are not

35. The most common types of ownership are _
Township Board; City Council
fee simple - partial estate - and life estate
Front foot
sales comparison approach

36. Net income is _ minus _
potential income; vacancy - bad debt and operating expenses
tangible or intangible
benefits from the special assessment
real estate

37. Enacted in 1893
exterior
value in exchange
Michigan General Property Tax Act
determining the primary use of the property; in this case probably agricultural or residential

38. The formula for calculating tax bills is _
Board of Review; Michigan Tax Tribunal
real property
Taxable Value x Millage Rate = Tax Bill
effective gross income

39. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
discount rate - recapture rate - effective tax rate
lots and blocks
specific tax
market comparison approach; cost approach

40. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
Form L-4054
County Board of Commissioners
July; July Board of Review
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

41. 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
640 acres
taxes
Form L-4046

42. Economic condition factors (are/are not) applied to land and buildings
are not
Reproduction cost
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
never depreciated

43. 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
Economic condition factor
Summation Method- Bank of Investment Method - and Market Comparison Method
50%; usual selling price

44. The difference between commercial and industrial property is _
ground floor area
northeast corner with section 1 and proceed west to section 6
Circle computation of area
Industrial Facility Tax Abatement

45. The definition of market value is _
discount rate - recapture rate - effective tax rate
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
Form L-4260
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

46. The physical land and any structure attached to it
net income
real estate
Township Board; City Council
Interest or discount

47. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
effective gross income
is
Tuesday following; first Monday in March
Form L-4054

48. Half the base times the height
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
fee simple - partial estate - and life estate
adverse possession
Triangle computation of area

49. 1 mile =
5 -280 lineal feet
640 acres
beginning value the following year
electors

50. There are _ in a section
# of acres times 43 -560 divided by known dimension
640 acres
July; July Board of Review
income