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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 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
sales comparison
expenses not allowable
County multipliers
Private Forest Reserve

2. If a business fails to file a personal property statement - the assessor shall _
estimate the assessment
State Tax Commission
supervisor
owners and interested parties of the property to be assessed

3. Taxable personal property includes all property not expressly _
exempted
electors
value in use
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

4. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
May 1
State Tax Commission
operating expenses
The Land Residual

5. Net income is _ minus _
is
potential income; vacancy - bad debt and operating expenses
Tuesday following; first Monday in March
percent good

6. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
replacement cost new; depreciation
State Tax Commission
Tuesday following the second
operating expenses

7. In a residential neighborhood - the measurement usually used in developing cost is _
Headlee Amendment
Form L-4260
Taxable Value x Millage Rate = Tax Bill
Front foot

8. _ are applied to the cost schedules in the manuals
40
GRM X MARKET RENT = MARKET VALUE
County multipliers
General Property Tax Act

9. Length times the width
Rectangular computation of area
CAMA
Form L-4023
exempt

10. 1 mile =
October 31
expenses not allowable
Board of Review; Michigan Tax Tribunal
5 -280 lineal feet

11. Proposal A had the immediate result of _ property taxes in the state
local government unit
reducing
never depreciated
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions

12. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
Site/location
fee simple - partial estate - and life estate
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
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

13. Special assessments are not levied on all real and personal property that...
benefits from the special assessment
Capitalizaiton rate
determining the primary use of the property; in this case probably agricultural or residential
taxation - eminent domain - and police powers

14. A depth factor chart is used to adjust lots that are _
percent good
not standard depth
physical - functional - and economic
State Tax Commission

15. _ 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
not standard depth
real estate
expenses allowable
determining the primary use of the property; in this case probably agricultural or residential

16. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
beginning value the following year
5 -280 lineal feet
Tuesday following; first Monday in March
expenses not allowable

17. Michigan's Constitution provides for _ of taxation
uniform rates
Tuesday following Third Monday
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
40

18. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
40
36 sections
exterior
Number 1

19. The General Property Tax Law states that agricultural operations means farming in all its _
5 -280 lineal feet
branches
$1 per acre
hear appeals from taxpayers or their agents

20. 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?
Replacement cost
a plus adjustemnt for the fireplace to the comp
median
Form L-4054

21. The cost approach is used to estimate _ of an _
fee simple
market value; existing property
uniform rates
market rent

22. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
tangible or intangible
partial estate
sales comparison

23. Personal property statemetns are due on _
determining the primary use of the property; in this case probably agricultural or residential
Economic condition factor
February 20
at value

24. A platted subdivision is described by _
cost approach
Replacement cost
real property
lots and blocks

25. Value is determined by _
taxes
utility - scarcity - desirability - transferability
percent good
General Property Tax Act

26. The most common types of ownership are _
fee simple - partial estate - and life estate
cost
May 1
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions

27. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
Form L-4025
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
State Tax Commission
Form L-4024

28. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
Form L-4054
$1 per acre
Form L-4046
receives and reviews

29. Taxable unless specifically exempted
real and personal
# of acres times 43 -560 divided by known dimension
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
Cost Approach

30. Not transfers of ownership
General Property Tax Act
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
Board of Review; Michigan Tax Tribunal
Summation Method- Bank of Investment Method - and Market Comparison Method

31. Used to value the income stream of a property
real and personal
exempt
Triangle computation of area
income approach

32. Deadline for filing Principal Residence Affidavits
never the land
May 1
real and personal
effective gross income

33. The income approach calculates the _ of a future income stream
Triangle computation of area
present worth
cost approach
a plus adjustemnt for the fireplace to the comp

34. The four basic steps in the sales comparison approach is _
taxes
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
hear appeals from taxpayers or their agents
are not

35. Monday December Board of Review begins
Site/location
estimate the assessment
Tuesday following First Monday
Tuesday following the second

36. Capped value is _

37. 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 _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
General Property Tax Act
$421 -052
Triangle computation of area

38. IFT's affect only the building value...
Board of Review; Michigan Tax Tribunal
Circle computation of area
never the land
exempted

39. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
Number 1
property record cards and assessment maps
February 20
Michigan Constitution

40. The _ to value is best used for mass appraisals being done by the assessor.
value in use
contract rent
Cost Approach
36 sections

41. Cost to construct an exact duplicate of the subject
reproduction cost
Number 1
owners and interested parties of the property to be assessed
is

42. The market rent times the number of units availabe to rent is _
Tuesday following the second
Replacement cost
life estate
potential gross income

43. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
percent good
directly benefit
soil survey; land value
Replacement cost

44. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
Interest or discount
median
physical - functional - and economic
present worth

45. 16 1/2 feet =
July; July Board of Review
1 rod
exempt
value in use

46. The Tuesday following the third Monday in _ is the _ meeting.
are not
July; July Board of Review
Tuesday following the second
cost approach

47. May change assessment for current year
March BOR
sales comparison approach
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
directly benefit

48. A private claim describes property that was occupied prior to the _
Form L-4024
real estate
Headlee Amendment
General Land Office survey

49. You verify a sale _
# of acres times 43 -560 divided by known dimension
potential gross income
by contacting one of the parties to the transaction (buyer - seller - or realtor)
desirability

50. Depreciation in the assessing process is expressed as a _
local government unit
percent good
Township Board; City Council
sales prices of other parcels similar to the property being appraised