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. Value is determined by _
depreciation
utility - scarcity - desirability - transferability
typical farm buildings
northeast corner with section 1 and proceed west to section 6

2. Special assessments must _ the properties in the district
directly benefit
Number 1
Form L-4046
36 sections

3. 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
median
Industrial Facility Tax Abatement
a plus adjustemnt for the fireplace to the comp

4. The value property has in a specific use
October 31
value in use
General Property Tax Act
$421 -052

5. In July and December - the BOR may meet to _
July and December BOR
Circle computation of area
Form L-4022
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

6. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
operating expenses
GRM X MARKET RENT = MARKET VALUE
beginning value the following year
true cash value

7. _ is a loss in value caused by factors outside the property
are not
economic obsolescense
Number 1
GRM X MARKET RENT = MARKET VALUE

8. The three approaches to value
uniform rates
Tuesday following Third Monday
cost - sales comparison (market) - and income
directly benefit

9. _ measures value in exchange; it is based on the principle of substitution
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
Interest or discount
local government unit
direct sales comparison

10. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
sales prices of other parcels similar to the property being appraised
property record cards and assessment maps
replacement cost new; depreciation
Township Board; City Council

11. Personal property forms must be approved by the _
real and personal
Form L-4054
General Land Office survey
State Tax Commission

12. 1 acre =
$1 per acre
5 -280 lineal feet
Income / rate
43 -560 square feet

13. The formula for calculating income is _
cost - sales comparison (market) - and income
Taxable Value X Millage Rate
exempted
rate x value

14. The General Property Tax Law states that agricultural operations means farming in all its _
# of acres times 43 -560 divided by known dimension
reproduction cost
exempt
branches

15. The return on the investment called in the capitalization rate is _
Tuesday following the second
February 20
utility - scarcity - desirability - transferability
Interest or discount

16. Notice of special assessment public hearings must be given to _
owners and interested parties of the property to be assessed
is
Tuesday following Third Monday
to hear appeals of the tentative taxable value

17. The _ must approve the application for an IFT before the State Tax Commission approves the application
life estate
local government unit
taxation - eminent domain - and police powers
General Land Office survey

18. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
Tuesday following First Monday
beginning value the following year
Form L-4054
Capitalizaiton rate

19. Deadline for filing Principal Residence Affidavits
potential gross income
never depreciated
ground floor area
May 1

20. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
hear appeals from taxpayers or their agents
are not
market rent
Form L-4154

21. Length times the width
potential gross income
Rectangular computation of area
tangible or intangible
sales comparison

22. Capped value is _

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

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
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
demand one
specific tax
real estate

24. The _ determines the size for rates
ground floor area
market rent
hear appeals from taxpayers or their agents
sales prices of other parcels similar to the property being appraised

25. Pole barns - silos - and large grain bins are considered _
typical farm buildings
supervisor
county multipliers
Michigan Constitution

26. Leased property is...
partial estate
gross rent multipliers
cost - sales comparison (market) - and income
Form L-4023

27. March Board of Review begins
Tuesday following First Monday
exterior
Number 1
effective gross income

28. Economic condition factors (are/are not) applied to land and buildings
July; July Board of Review
are not
Site/location
direct sales comparison

29. Formula used to calculate taxes is _
Divide the sales price by the gross rent
Taxable Value X Millage Rate
hear appeals from taxpayers or their agents
to hear appeals of the tentative taxable value

30. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
effective gross income
estimate the assessment
March BOR
40

31. The cost approach is used to estimate _ of an _
electors
exterior
market value; existing property
1 rod

32. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Form L-4260
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
February 20
Tuesday following Third Monday

33. Enacted in 1893
income
Rectangular survey; metes and bounds; platted or recorded subdivision
sales prices of other parcels similar to the property being appraised
Michigan General Property Tax Act

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 _
demand one
$421 -052
State Tax Commission
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

35. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
direct sales comparison
Capitalizaiton rate
median
typical farm buildings

36. IFT's affect only the building value...
estimate the assessment
Rectangular computation of area
tangible or intangible
never the land

37. CAMA system should estimate replacement cost new less depreciation in the _ approach
cost
Rectangular survey; metes and bounds; platted or recorded subdivision
directly benefit
Replacement cost

38. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
electors
soil survey; land value
depreciation
Interest or discount

39. In a cost approach program - the computer system should estimate _ less _
replacement cost new; depreciation
true cash value
General Land Office survey
effective gross income

40. The difference between commercial and industrial property is _
to hear appeals of the tentative taxable value
Industrial Facility Tax Abatement
Private Forest Reserve
Number 1

41. 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 _
Tuesday following First Monday
Private Forest Reserve
$421 -052
50%; usual selling price

42. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
effective gross income
Federal Northwest
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Tuesday following; first Monday in March

43. In a residential neighborhood - the measurement usually used in developing cost is _
supervisor
Tuesday following First Monday
soil survey; land value
Front foot

44. A consumer must want the product for it to have value
desirability
net income
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
expenses allowable

45. Cost to construct improvement with the same functional utility of the subject
replacement cost
power to tax - eminent domain - police power - escheat
Form L-4260
State Tax Commission

46. All meetings of the BOR are governed by the _
Open Meetings Act
GRM X MARKET RENT = MARKET VALUE
adverse possession
cost

47. If a business fails to file a personal property statement - the assessor shall _
Genesee County
Form L-4024
estimate the assessment
640 acres

48. Personal property statemetns are due on _
February 20
local government unit
reducing
July; July Board of Review

49. _ are those expenses necessary for generating income. This includes reserves for replacements - accounting fees - advertising costs - maintenance costs such as lawn care - snow removal - repairs - trash removal - utilities - and a maintenance manager
County multipliers
expenses allowable
rate x value
fee simple - partial estate - and life estate

50. Approved by voters in 1978
Headlee Amendment
reducing
tangible or intangible
exempt