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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 Building Residual - and the Direct Capitalization Capitalization techniques include the following:
uniform rates
Tuesday following First Monday
assessor and Board of Review
The Land Residual

2. A depth factor chart is used to adjust lots that are _
July; July Board of Review
not standard depth
Open Meetings Act
supervisor

3. Notices of the decisions of the BOR must be mailed by the _
Economic condition factor
County Board of Commissioners
first Monday in June
rate x value

4. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
directly benefit
county multipliers
Site/location
reproduction cost

5. 1 mile =
sales comparison
exempt
Michigan Constitution
5 -280 lineal feet

6. Special assessment districts are commonly used for _
Form L-4025
July and December BOR
gross rent multipliers
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

7. Formula used to calculate taxes is _
Taxable Value X Millage Rate
expenses allowable
cost approach
sales prices of other parcels similar to the property being appraised

8. The Board of Review was created by the _ of 1893
typical farm buildings
December 31
General Property Tax Act
rate x value

9. Taxable unless specifically exempted
Front foot
real and personal
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
cost approach

10. _ soil is considered the most productive
real property
Number 1
State Tax Commission
Triangle computation of area

11. The second meeting of the BOR is held to _
income
hear appeals from taxpayers or their agents
Cost Approach
a plus adjustemnt for the fireplace to the comp

12. The cost approach is used to estimate _ of an _
Tuesday following; first Monday in March
fee simple - partial estate - and life estate
market value; existing property
market comparison approach; cost approach

13. CAMA system should estimate replacement cost new less depreciation in the _ approach
cost
Economic condition factor
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
State Tax Commission

14. Personal property statemetns are due on _
February 20
ground floor area
economic obsolescense
12

15. _ includes the discount rate - recapture rate - and the effective rate.
depreciation
40
Capitalizaiton rate
July; July Board of Review

16. Proposal A had the immediate result of _ property taxes in the state
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
reducing
Rectangular computation of area
Summation Method- Bank of Investment Method - and Market Comparison Method

17. True cash value is _
discount rate - recapture rate - effective tax rate
GRM X MARKET RENT = MARKET VALUE
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
October 31

18. It (is not necessary to use __________ when valuing agricultural property.
agricultural personal property; exempt
October 31
county multipliers
not standard depth

19. Requires that the ratio of assessments to true cash value not exceed 50%
December 31
Michigan Constitution
specific tax
sales comparison

20. In a residential neighborhood - the measurement usually used in developing cost is _
County multipliers
income approach
Front foot
50%; usual selling price

21. The right to use - occupy - and control a property for the length of the lessee's life
replacement cost
life estate
utility - scarcity - desirability - transferability
Michigan Constitution

22. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
Headlee Amendment
Form L-4054
July; July Board of Review
are not

23. The BOR _ and _ the roll
real and personal
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
lots and blocks
receives and reviews

24. The difference between commercial and industrial property is _
determining the primary use of the property; in this case probably agricultural or residential
Industrial Facility Tax Abatement
October 31
estimate the assessment

25. Cost to construct an exact duplicate of the subject
Form L-4046
reproduction cost
General Land Office survey
Township Board; City Council

26. Deadline for filing personal property statements
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
real estate
February 20
lots and blocks

27. July Board of Review begins
State Tax Commission
sales prices of other parcels similar to the property being appraised
Tuesday following; first Monday in March
Tuesday following Third Monday

28. The _ to value is best used for mass appraisals being done by the assessor.
Cost Approach
never the land
value in use
County multipliers

29. Equity within the county is the responsibility of the _
County Board of Commissioners
3/4 Proposal
March BOR
life estate

30. Compares the property beign appraised to similar properties that have recently sold
Site/location
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
taxes
sales comparison approach

31. Members of the Board of Review must be _ of the township
income
Summation Method- Bank of Investment Method - and Market Comparison Method
operating expenses
electors

32. IFT certificates are granted for _ years with a possible 2-year construction period
General Property Tax Act
36 sections
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
12

33. The government retains the following powers
Divide the sales price by the gross rent
taxation - eminent domain - and police powers
Tuesday following; first Monday in March
supervisor

34. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
the property owner or lessee - or the local government may begin the process of its own volition
Michigan Constitution
real property
expenses allowable

35. The value property has in a specific use
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
net income
replacement cost new; depreciation
value in use

36. Unknown dimension formula
track land sales
# of acres times 43 -560 divided by known dimension
receives and reviews
real estate

37. Who may ask for establishment of an industrial facility tax exemption district?
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
the property owner or lessee - or the local government may begin the process of its own volition
rate x value
Michigan General Property Tax Act

38. The value of vacant land is estimated using _
discount rate - recapture rate - effective tax rate
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
cost
sales prices of other parcels similar to the property being appraised

39. 16 1/2 feet =
contract rent
1 rod
transferability
Summation Method- Bank of Investment Method - and Market Comparison Method

40. Equity within the 83 counties of the state is the responsibility of the _
income
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
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
State Tax Commission

41. 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 _
electors
receives and reviews
March BOR
$421 -052

42. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
50%; usual selling price
property record cards and assessment maps
Headlee Amendment
percent good

43. The government is authorized to levy taxes in the _
never the land
to hear appeals of the tentative taxable value
Michigan Constitution
Economic condition factor

44. The discount rate may be developed by the following:
Tuesday following First Monday
utility - scarcity - desirability - transferability
determining the primary use of the property; in this case probably agricultural or residential
Summation Method- Bank of Investment Method - and Market Comparison Method

45. Economic condition factors (are/are not) applied to land and buildings
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
CAMA
Circle computation of area
are not

46. _ is estimating the cost of a building of similar design and utility
Tuesday following; first Monday in March
estimate the assessment
Replacement cost
Michigan General Property Tax Act

47. The most common types of ownership are _
to hear appeals of the tentative taxable value
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
fee simple - partial estate - and life estate
Form L-4023

48. When measuring a house - you use _ measurements
July and December BOR
partial estate
exterior
October 31

49. 1 acre =
benefits from the special assessment
beginning value the following year
43 -560 square feet
Industrial Facility Tax Abatement

50. The highest degree of ownership
fee simple
3/4 Proposal
present worth
Replacement cost