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Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
Start Test
Study First
Subject
:
certifications
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 value property has in a specific use
effective gross income
rate x 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
value in use
2. The formula for calculating tax bills is _
Taxable Value x Millage Rate = Tax Bill
branches
July; July Board of Review
income
3. The _ determines the size for rates
ground floor area
Form L-4024
exterior
Form L-4025
4. Market value of property is _
$1 per acre
Tuesday following First Monday
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
local government unit
5. Pole barns - silos - and large grain bins are considered _
reproduction cost
typical farm buildings
percent good
taxation - eminent domain - and police powers
6. Churches - schools - libraries and similar institutions are usually...
December 31
Michigan Constitution
Number 1
exempt
7. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
adverse possession
CAMA
Genesee County
Form L-4025
8. Depreciation in the assessing process is expressed as a _
percent good
12
track land sales
at value
9. The Board of Review was created by the _ of 1893
Number 1
directly benefit
net income
General Property Tax Act
10. _ are used to value income-producing residential property
Form L-4260
real and personal
to hear appeals of the tentative taxable value
gross rent multipliers
11. The right to use - occupy - and control a property for the length of the lessee's life
Summation Method- Bank of Investment Method - and Market Comparison Method
life estate
to hear appeals of the tentative taxable value
hear appeals from taxpayers or their agents
12. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
12
$1 per acre
determining the primary use of the property; in this case probably agricultural or residential
real property
13. 1 mile =
Cost Approach
5 -280 lineal feet
Circle computation of area
Form L-4022
14. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
Triangle computation of area
Tuesday following the second
present worth
to hear appeals of the tentative taxable value
15. Equity within the county is the responsibility of the _
the property owner or lessee - or the local government may begin the process of its own volition
County Board of Commissioners
$421 -052
Triangle computation of area
16. Buildings on leased lands _ personal property
Replacement cost
agricultural personal property; exempt
are
Form L-4154
17. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
market comparison approach; cost approach
exempt
Site/location
county multipliers
18. Tax day
uniform rates
December 31
Michigan General Property Tax Act
fee simple - partial estate - and life estate
19. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
at value
ground floor area
depreciation
Federal Northwest
20. CAMA system should estimate replacement cost new less depreciation in the _ approach
Interest or discount
cost
General Property Tax Act
Genesee County
21. Length times the width
Rectangular computation of area
demand one
Form L-4023
Tuesday following First Monday
22. Net income is _ minus _
Tuesday following; first Monday in March
potential income; vacancy - bad debt and operating expenses
real estate
income approach
23. 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
lots and blocks
County multipliers
owners and interested parties of the property to be assessed
24. July Board of Review begins
potential gross income
1 rod
Tuesday following Third Monday
direct sales comparison
25. Enacted in 1893
rate x value
5 -280 lineal feet
the property owner or lessee - or the local government may begin the process of its own volition
Michigan General Property Tax Act
26. is the rent a property could command on the open market
contract rent
exempted
market rent
February 20
27. The second meeting of the BOR is held to _
Form L-4054
hear appeals from taxpayers or their agents
March BOR
Front foot
28. Used to value the income stream of a property
tangible or intangible
demand one
income approach
is
29. Personal property statemetns are due on _
12
Economic condition factor
October 31
February 20
30. Sections in a township start _
replacement cost new; depreciation
northeast corner with section 1 and proceed west to section 6
Federal Northwest
Tuesday following the second
31. A consumer must be able to purchasee the property
Economic condition factor
transferability
Taxable Value x Millage Rate = Tax Bill
1 rod
32. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
net income
Form L-4046
soil survey; land value
Interest or discount
33. The three approaches to value
owners and interested parties of the property to be assessed
cost - sales comparison (market) - and income
fee simple - partial estate - and life estate
$1 per acre
34. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
exempted
operating expenses
Form L-4054
by contacting one of the parties to the transaction (buyer - seller - or realtor)
35. Approved by voters in 1978
Headlee Amendment
Michigan Constitution
reducing
market comparison approach; cost approach
36. _ soil is considered the most productive
are
Divide the sales price by the gross rent
gross rent multipliers
Number 1
37. Computer assisted mass appraisal
Tuesday following Third Monday
CAMA
exempted
present worth
38. The amount of money or goods you can receive if you sell property
value in exchange
receives and reviews
never the land
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
39. Potential income minus vacancy - bad debt - and operating expenses is the _
net income
Tuesday following First Monday
Cost Approach
expenses allowable
40. 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
physical - functional - and economic
ground floor area
Site/location
sales comparison
41. 1 acre =
reducing
43 -560 square feet
replacement cost
# of acres times 43 -560 divided by known dimension
42. There are _ in a section
not standard depth
Capitalizaiton rate
Rectangular survey; metes and bounds; platted or recorded subdivision
640 acres
43. Methods used to describe property in Michigan
ground floor area
Rectangular survey; metes and bounds; platted or recorded subdivision
General Property Tax Act
hear appeals from taxpayers or their agents
44. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
Interest or discount
direct sales comparison
Board of Review; Michigan Tax Tribunal
real property
45. Requires that the ratio of assessments to true cash value not exceed 50%
Michigan Constitution
Taxable Value X Millage Rate
exempted
Form L-4025
46. The Tuesday following the third Monday in _ is the _ meeting.
cost approach
July; July Board of Review
December 31
Summation Method- Bank of Investment Method - and Market Comparison Method
47. It (is not necessary to use __________ when valuing agricultural property.
true cash value
present worth
Summation Method- Bank of Investment Method - and Market Comparison Method
county multipliers
48. 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?
fee simple
a plus adjustemnt for the fireplace to the comp
36 sections
adverse possession
49. The market rent times the number of units availabe to rent is _
potential gross income
percent good
direct sales comparison
Interest or discount
50. The income approach calculates the _ of a future income stream
present worth
exempted
direct sales comparison
Industrial Facility Tax Abatement