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. _ is used to adjust the cosst approach to market value for residential properties
Economic condition factor
demand one
percent good
General Property Tax Act

2. July Board of Review begins
by contacting one of the parties to the transaction (buyer - seller - or realtor)
rate x value
never the land
Tuesday following Third Monday

3. Definition of ad valorem
lots and blocks
October 31
at value
Rectangular survey; metes and bounds; platted or recorded subdivision

4. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
Tuesday following Third Monday
Front foot
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
July and December BOR

5. Initial survey point for Michigan at the intersection of two streets
# of acres times 43 -560 divided by known dimension
rate x value
desirability
Genesee County

6. The right to use - occupy - and control a property for the length of the lessee's life
expenses not allowable
track land sales
life estate
physical - functional - and economic

7. 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
Federal Northwest
36 sections
at value

8. When appraising a commercial building - you should remember that unlike building - land is...
income / value
northeast corner with section 1 and proceed west to section 6
3/4 Proposal
never depreciated

9. You verify a sale _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
power to tax - eminent domain - police power - escheat
Michigan Constitution
expenses allowable

10. _ is a loss in value caused by factors outside the property
replacement cost new; depreciation
replacement cost
expenses not allowable
economic obsolescense

11. Most taxpayers must appeal to the local _ before appealing to the _
Board of Review; Michigan Tax Tribunal
income
depreciation
Federal Northwest

12. A depth factor chart is used to adjust lots that are _
not standard depth
County Board of Commissioners
value in use
branches

13. 1 mile =
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
operating expenses
market comparison approach; cost approach
5 -280 lineal feet

14. Length times the width
electors
economic obsolescense
Rectangular computation of area
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

15. Deadline for filing Principal Residence Affidavits
owners and interested parties of the property to be assessed
May 1
percent good
fee simple - partial estate - and life estate

16. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
reducing
potential gross income
operating expenses
present worth

17. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
Form L-4154
exterior
The Land Residual
Township Board; City Council

18. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
soil survey; land value
never the land
Open Meetings Act
net income

19. Cost to construct improvement with the same functional utility of the subject
12
General Property Tax Act
direct sales comparison
replacement cost

20. Vacant land adjustments have to be made for differences in _
rate x value
first Monday in June
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
potential income; vacancy - bad debt and operating expenses

21. In a township - the _ is the secretary of the Board of Review
specific tax
never the land
supervisor
ground floor area

22. Market value of property is _
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
sales comparison
exempted
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

23. Monday December Board of Review begins
40
Form L-4022
median
Tuesday following the second

24. The formula for using a gross rent multiplier to determine market value is _
electors
not standard depth
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
GRM X MARKET RENT = MARKET VALUE

25. The rights of ownership removed by government are _
transferability
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
power to tax - eminent domain - police power - escheat
October 31

26. _ are applied to the cost schedules in the manuals
Form L-4046
County multipliers
Tuesday following Third Monday
demand one

27. Special assessments must _ the properties in the district
directly benefit
taxes
Form L-4023
Summation Method- Bank of Investment Method - and Market Comparison Method

28. The amount of money or goods you can receive if you sell property
income
Cost Approach
CAMA
value in exchange

29. The first meeting of the BOR is held on the _
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
power to tax - eminent domain - police power - escheat
Tuesday following; first Monday in March
Capitalizaiton rate

30. Equity within the county is the responsibility of the _
40
supervisor
fee simple - partial estate - and life estate
County Board of Commissioners

31. It is necessary to have an evening meeting unless the residents...
to hear appeals of the tentative taxable value
demand one
Divide the sales price by the gross rent
are

32. 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
Triangle computation of area
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
taxation - eminent domain - and police powers

33. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
median
present worth
October 31
lots and blocks

34. Churches - schools - libraries and similar institutions are usually...
State Tax Commission
State Tax Commission
exempt
at value

35. The value of vacant land is estimated using _
640 acres
sales prices of other parcels similar to the property being appraised
Front foot
sales comparison

36. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
5 -280 lineal feet
Form L-4046
GRM X MARKET RENT = MARKET VALUE
County multipliers

37. The formula for calculating income is _
lots and blocks
50%; usual selling price
rate x value
Rectangular survey; metes and bounds; platted or recorded subdivision

38. Management costs in timber-cutover include _ which are usually the largest expense in this classification
taxes
State Tax Commission
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
physical - functional - and economic

39. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Form L-4260
Site/location
Form L-4046
Headlee Amendment

40. Used to value the income stream of a property
Open Meetings Act
estimate the assessment
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
income approach

41. March Board of Review begins
County Board of Commissioners
Summation Method- Bank of Investment Method - and Market Comparison Method
income / value
Tuesday following First Monday

42. 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
effective gross income
specific tax
The Land Residual
taxation - eminent domain - and police powers

43. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
July and December BOR
Headlee Amendment
$1 per acre
determining the primary use of the property; in this case probably agricultural or residential

44. _ 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
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
estimate the assessment
expenses allowable
discount rate - recapture rate - effective tax rate

45. IFT certificates are granted for _ years with a possible 2-year construction period
12
assessor and Board of Review
fee simple
present worth

46. The market rent times the number of units availabe to rent is _
value in exchange
potential gross income
36 sections
Tuesday following the second

47. Special assessment districts are commonly used for _
cost - sales comparison (market) - and income
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
cost approach
market comparison approach; cost approach

48. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
lots and blocks
Circle computation of area
to hear appeals of the tentative taxable value
Form L-4024

49. Personal property may be _
Board of Review; Michigan Tax Tribunal
power to tax - eminent domain - police power - escheat
tangible or intangible
exempted

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 _
43 -560 square feet
1 rod
income / value
$421 -052