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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. Deadline for filing personal property statements
February 20
real and personal
lots and blocks
taxes

2. It (is not necessary to use __________ when valuing agricultural property.
county multipliers
directly benefit
Headlee Amendment
Form L-4024

3. The Board of Review was created by the _ of 1893
July and December BOR
General Property Tax Act
$1 per acre
contract rent

4. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
gross rent multipliers
Open Meetings Act
never the land
property record cards and assessment maps

5. _ are applied to the cost schedules in the manuals
exempt
County multipliers
never depreciated
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

6. Equity within the 83 counties of the state is the responsibility of the _
October 31
State Tax Commission
partial estate
Tuesday following the second

7. Who may ask for establishment of an industrial facility tax exemption district?
the property owner or lessee - or the local government may begin the process of its own volition
local government unit
36 sections
Tuesday following; first Monday in March

8. Tax day
December 31
first Monday in June
county multipliers
Form L-4024

9. 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
640 acres
northeast corner with section 1 and proceed west to section 6
# of acres times 43 -560 divided by known dimension

10. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
exempt
median
economic obsolescense
October 31

11. July Board of Review begins
Tuesday following Third Monday
exterior
rate x value
36 sections

12. The three categories of depreciation are _
Front foot
Form L-4154
specific tax
physical - functional - and economic

13. The first meeting of the BOR is held on the _
Tuesday following; first Monday in March
Rectangular computation of area
by contacting one of the parties to the transaction (buyer - seller - or realtor)
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

14. Monday December Board of Review begins
Tuesday following the second
Genesee County
43 -560 square feet
income

15. Initial survey point for Michigan at the intersection of two streets
contract rent
Genesee County
Michigan Constitution
# of acres times 43 -560 divided by known dimension

16. The income approach calculates the _ of a future income stream
present worth
beginning value the following year
expenses allowable
Michigan Constitution

17. _ is used to adjust the cosst approach to market value for residential properties
Interest or discount
Economic condition factor
to hear appeals of the tentative taxable value
first Monday in June

18. Approved by voters in 1978
Headlee Amendment
to hear appeals of the tentative taxable value
are not
Divide the sales price by the gross rent

19. 1 acre =
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Replacement cost
43 -560 square feet
Number 1

20. The amount of money or goods you can receive if you sell property
partial estate
value in exchange
County multipliers
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

21. The _ must approve the application for an IFT before the State Tax Commission approves the application
Economic condition factor
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
local government unit
ground floor area

22. Potential income minus vacancy - bad debt - and operating expenses is the _
net income
never the land
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
electors

23. One use of land value maps is to _
Reproduction cost
track land sales
not standard depth
taxation - eminent domain - and police powers

24. Inventory (is/is not) exempt
a plus adjustemnt for the fireplace to the comp
is
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
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

25. is the rent a property could command on the open market
branches
market rent
partial estate
at value

26. Depreciation in the assessing process is expressed as a _
percent good
Headlee Amendment
expenses not allowable
adverse possession

27. Special assessments are not levied on all real and personal property that...
exterior
partial estate
benefits from the special assessment
tangible or intangible

28. The _ to value is best used for mass appraisals being done by the assessor.
Cost Approach
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Reproduction cost
The Land Residual

29. There are _ in a geographical township
Reproduction cost
tangible or intangible
Tuesday following the second
36 sections

30. Notices of the decisions of the BOR must be mailed by the _
General Property Tax Act
December 31
first Monday in June
Cost Approach

31. The rights of ownership removed by government are _
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
partial estate
power to tax - eminent domain - police power - escheat
Form L-4260

32. Formula used to calculate taxes is _
Divide the sales price by the gross rent
Michigan Constitution
not standard depth
Taxable Value X Millage Rate

33. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
never depreciated
Form L-4046
income / value
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

34. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
Rectangular computation of area
median
July and December BOR
$1 per acre

35. 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?
not standard depth
Form L-4054
a plus adjustemnt for the fireplace to the comp
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

36. _ 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
expenses allowable
value in exchange
General Land Office survey
depreciation

37. Michigan's Constitution provides for _ of taxation
branches
640 acres
uniform rates
tangible or intangible

38. The government is authorized to levy taxes in the _
Michigan Constitution
first Monday in June
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
at value

39. _ measures value in exchange; it is based on the principle of substitution
Rectangular computation of area
direct sales comparison
ground floor area
exempt

40. Pole barns - silos - and large grain bins are considered _
typical farm buildings
are
true cash value
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

41. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
operating expenses
economic obsolescense
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
is

42. Sections in a township start _
exempted
soil survey; land value
northeast corner with section 1 and proceed west to section 6
sales comparison approach

43. _ is estimating the cost of a building of similar design and utility
Replacement cost
northeast corner with section 1 and proceed west to section 6
Federal Northwest
taxation - eminent domain - and police powers

44. Market value of property is _
General Land Office survey
cost
contract rent
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

45. The right to use - occupy - and control a property for the length of the lessee's life
demand one
is
life estate
County Board of Commissioners

46. When measuring a house - you use _ measurements
The Land Residual
CAMA
50%; usual selling price
exterior

47. Vacant land adjustments have to be made for differences in _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
uniform rates
market rent
replacement cost

48. Value is determined by _
utility - scarcity - desirability - transferability
Form L-4025
Industrial Facility Tax Abatement
partial estate

49. Notice of special assessment public hearings must be given to _
property record cards and assessment maps
Form L-4054
market rent
owners and interested parties of the property to be assessed

50. 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 _
beginning value the following year
$421 -052
depreciation
40