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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 formula for using a gross rent multiplier to determine market value is _
40
property record cards and assessment maps
GRM X MARKET RENT = MARKET VALUE
Rectangular computation of area

2. _ are used to value income-producing residential property
Tuesday following First Monday
gross rent multipliers
Circle computation of area
ground floor area

3. Monday December Board of Review begins
Tuesday following the second
July; July Board of Review
$421 -052
discount rate - recapture rate - effective tax rate

4. Cost to construct improvement with the same functional utility of the subject
October 31
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
replacement cost
July and December BOR

5. There are _ in a section
5 -280 lineal feet
market value; existing property
640 acres
Board of Review; Michigan Tax Tribunal

6. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
gross rent multipliers
are not
typical farm buildings
Form L-4024

7. It is necessary to have an evening meeting unless the residents...
County multipliers
discount rate - recapture rate - effective tax rate
Cost Approach
demand one

8. The _ determines the size for rates
first Monday in June
February 20
ground floor area
economic obsolescense

9. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Form L-4022
are not
Form L-4023
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

10. CAMA system should estimate replacement cost new less depreciation in the _ approach
real property
$421 -052
real and personal
cost

11. A depth factor chart is used to adjust lots that are _
adverse possession
not standard depth
direct sales comparison
Site/location

12. Initial survey point for Michigan at the intersection of two streets
Genesee County
Private Forest Reserve
life estate
cost - sales comparison (market) - and income

13. The capitalization rate includes the _ - _ and the _
the property owner or lessee - or the local government may begin the process of its own volition
typical farm buildings
Rectangular computation of area
discount rate - recapture rate - effective tax rate

14. May change assessment for current year
March BOR
economic obsolescense
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
real property

15. In heavily wooded areas where property lines may be difficult to identify - it is important that the owners protect their property from being claimed under _
taxation - eminent domain - and police powers
adverse possession
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Capitalizaiton rate

16. The cost approach is used to estimate _ of an _
sales comparison approach
Taxable Value x Millage Rate = Tax Bill
market value; existing property
40

17. _ is estimating the cost of a building of similar design and utility
February 20
Replacement cost
Income / rate
value in use

18. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
real property
beginning value the following year
General Land Office survey
General Property Tax Act

19. The income approach calculates the _ of a future income stream
present worth
Tuesday following; first Monday in March
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
State Tax Commission

20. The value property has in a specific use
Triangle computation of area
exempted
$421 -052
value in use

21. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
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
The Land Residual
owners and interested parties of the property to be assessed
the property owner or lessee - or the local government may begin the process of its own volition

22. Enacted in 1893
exempt
Michigan General Property Tax Act
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
Form L-4260

23. The formula for calculating value is _
demand one
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
1 rod
Income / rate

24. Members of the Board of Review must be _ of the township
electors
rate x value
contract rent
potential gross income

25. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
ground floor area
October 31
State Tax Commission
Michigan Constitution

26. Length times the width
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
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
fee simple - partial estate - and life estate
Rectangular computation of area

27. The _ must approve the application for an IFT before the State Tax Commission approves the application
local government unit
Michigan Constitution
beginning value the following year
Tuesday following Third Monday

28. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
Form L-4054
May 1
income
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

29. _ is the rent actually received for a property
36 sections
contract rent
percent good
net income

30. _ is used to adjust the cosst approach to market value for residential properties
Headlee Amendment
reproduction cost
Site/location
Economic condition factor

31. Equity within the county is the responsibility of the _
a plus adjustemnt for the fireplace to the comp
depreciation
County Board of Commissioners
directly benefit

32. In a township - the _ is the secretary of the Board of Review
supervisor
Form L-4260
local government unit
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

33. _ are applied to the cost schedules in the manuals
640 acres
expenses not allowable
County multipliers
depreciation

34. Notice of special assessment public hearings must be given to _
potential income; vacancy - bad debt and operating expenses
owners and interested parties of the property to be assessed
rate x value
# of acres times 43 -560 divided by known dimension

35. Value is determined by _
February 20
at value
utility - scarcity - desirability - transferability
The Land Residual

36. Net income is _ minus _
effective gross income
taxes
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
potential income; vacancy - bad debt and operating expenses

37. Special assessment districts are commonly used for _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
market rent
$421 -052
sales comparison approach

38. The three categories of depreciation are _
Form L-4154
contract rent
physical - functional - and economic
uniform rates

39. The formula for calculating tax bills is _
uniform rates
Taxable Value x Millage Rate = Tax Bill
Taxable Value X Millage Rate
lots and blocks

40. Used to estimate the cost of constructing improvements to the land
cost approach
May 1
Rectangular computation of area
northeast corner with section 1 and proceed west to section 6

41. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
Michigan General Property Tax Act
July and December BOR
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
by contacting one of the parties to the transaction (buyer - seller - or realtor)

42. Depreciation in the assessing process is expressed as a _
Reproduction cost
percent good
the property owner or lessee - or the local government may begin the process of its own volition
1 rod

43. Computer assisted mass appraisal
demand one
CAMA
Form L-4154
reproduction cost

44. Equity within the 83 counties of the state is the responsibility of the _
July and December BOR
Economic condition factor
State Tax Commission
branches

45. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
taxes
never depreciated
directly benefit
Site/location

46. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
discount rate - recapture rate - effective tax rate
Michigan Constitution
estimate the assessment
40

47. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
assessor and Board of Review
owners and interested parties of the property to be assessed
February 20
Form L-4154

48. The right to use - occupy - and control a property for the length of the lessee's life
life estate
income / value
1 rod
lots and blocks

49. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
median
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
December 31
Triangle computation of area

50. Michigan's Constitution uses _ to determine assessments
sales comparison
life estate
beginning value the following year
true cash value