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Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
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Subject
:
certifications
Instructions:
Answer 50 questions in 15 minutes.
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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 a loss in value caused by factors outside the property
March BOR
February 20
Rectangular survey; metes and bounds; platted or recorded subdivision
economic obsolescense
2. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
$1 per acre
reproduction cost
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
March BOR
3. _ includes the discount rate - recapture rate - and the effective rate.
State Tax Commission
5 -280 lineal feet
Rectangular survey; metes and bounds; platted or recorded subdivision
Capitalizaiton rate
4. The first meeting of the BOR is held on the _
soil survey; land value
power to tax - eminent domain - police power - escheat
Michigan Constitution
Tuesday following; first Monday in March
5. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
agricultural personal property; exempt
State Tax Commission
value in use
Form L-4023
6. Radius squared times Pi (3.1416)
determining the primary use of the property; in this case probably agricultural or residential
12
income / value
Circle computation of area
7. Special assessment districts are commonly used for _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
43 -560 square feet
Michigan General Property Tax Act
Open Meetings Act
8. Monday December Board of Review begins
market rent
never the land
Tuesday following the second
July; July Board of Review
9. May change assessment for current year
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
March BOR
Form L-4025
a plus adjustemnt for the fireplace to the comp
10. Compares the property beign appraised to similar properties that have recently sold
Divide the sales price by the gross rent
February 20
electors
sales comparison approach
11. 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
receives and reviews
reducing
are not
12. Deadline for filing Principal Residence Affidavits
branches
are not
May 1
not standard depth
13. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
Site/location
County Board of Commissioners
43 -560 square feet
October 31
14. A consumer must be able to purchasee the property
value in use
hear appeals from taxpayers or their agents
transferability
fee simple - partial estate - and life estate
15. Initial survey point for Michigan at the intersection of two streets
receives and reviews
Genesee County
County Board of Commissioners
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
16. A platted subdivision is described by _
Interest or discount
rate x value
Headlee Amendment
lots and blocks
17. Personal property forms must be approved by the _
utility - scarcity - desirability - transferability
power to tax - eminent domain - police power - escheat
State Tax Commission
Industrial Facility Tax Abatement
18. Potential income minus vacancy - bad debt - and operating expenses is the _
fee simple - partial estate - and life estate
Board of Review; Michigan Tax Tribunal
power to tax - eminent domain - police power - escheat
net income
19. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
benefits from the special assessment
tangible or intangible
County Board of Commissioners
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
20. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
northeast corner with section 1 and proceed west to section 6
Form L-4260
are not
lots and blocks
21. Taxable personal property includes all property not expressly _
economic obsolescense
exempted
exempt
Genesee County
22. Michigan's Constitution provides for _ of taxation
Genesee County
uniform rates
beginning value the following year
reducing
23. _ is used to adjust the cosst approach to market value for residential properties
Economic condition factor
Tuesday following; first Monday in March
exempted
first Monday in June
24. Buildings on leased lands _ personal property
County multipliers
true cash value
are
Circle computation of area
25. The right to use - occupy - and control a property for the length of the lessee's life
Replacement cost
life estate
income / value
Triangle computation of area
26. The second meeting of the BOR is held to _
ground floor area
are not
hear appeals from taxpayers or their agents
desirability
27. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
potential income; vacancy - bad debt and operating expenses
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
July and December BOR
12
28. Equity within the county is the responsibility of the _
operating expenses
12
County Board of Commissioners
Income / rate
29. The cost approach is used to estimate _ of an _
market value; existing property
Form L-4154
receives and reviews
Industrial Facility Tax Abatement
30. IFT certificates are granted for _ years with a possible 2-year construction period
at value
12
potential gross income
40
31. _ is estimating the cost of an exact duplication of the building
specific tax
Reproduction cost
Taxable Value X Millage Rate
Rectangular survey; metes and bounds; platted or recorded subdivision
32. _ 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
operating expenses
track land sales
desirability
33. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
market value; existing property
value in use
agricultural personal property; exempt
median
34. The formula for calculating income is _
43 -560 square feet
rate x value
Tuesday following the second
Circle computation of area
35. Equity at the local level is the responsibility of the _
assessor and Board of Review
soil survey; land value
February 20
reproduction cost
36. The formula for calculating rate is _
are not
income / value
Taxable Value x Millage Rate = Tax Bill
power to tax - eminent domain - police power - escheat
37. March Board of Review begins
never depreciated
owners and interested parties of the property to be assessed
Tuesday following First Monday
Interest or discount
38. IFT's affect only the building value...
1 rod
Taxable Value X Millage Rate
never the land
benefits from the special assessment
39. The General Property Tax Law states that agricultural operations means farming in all its _
Michigan Constitution
branches
Income / rate
effective gross income
40. Used to estimate the cost of constructing improvements to the land
desirability
State Tax Commission
cost approach
GRM X MARKET RENT = MARKET VALUE
41. Approved by voters in 1978
income
Summation Method- Bank of Investment Method - and Market Comparison Method
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Headlee Amendment
42. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
cost
July; July Board of Review
Private Forest Reserve
Economic condition factor
43. The market rent times the number of units availabe to rent is _
hear appeals from taxpayers or their agents
potential gross income
cost - sales comparison (market) - and income
$421 -052
44. Equity within the 83 counties of the state is the responsibility of the _
estimate the assessment
electors
State Tax Commission
life estate
45. Management costs in timber-cutover include _ which are usually the largest expense in this classification
GRM X MARKET RENT = MARKET VALUE
Industrial Facility Tax Abatement
taxes
State Tax Commission
46. is the rent a property could command on the open market
market value; existing property
track land sales
Tuesday following; first Monday in March
market rent
47. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
General Land Office survey
physical - functional - and economic
Township Board; City Council
July and December BOR
48. Formula used to calculate taxes is _
is
Interest or discount
to hear appeals of the tentative taxable value
Taxable Value X Millage Rate
49. Public rights-of-way are _
General Property Tax Act
exempt
# of acres times 43 -560 divided by known dimension
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
50. Vacant land adjustments have to be made for differences in _
never depreciated
effective gross income
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
taxation - eminent domain - and police powers
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