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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 calculating income is _
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
life estate
36 sections
rate x value

2. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
not standard depth
reducing
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Private Forest Reserve

3. _ is the rent actually received for a property
desirability
contract rent
December 31
direct sales comparison

4. May change assessment for current year
1 rod
March BOR
May 1
real property

5. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
a plus adjustemnt for the fireplace to the comp
soil survey; land value
specific tax
Form L-4022

6. The four basic steps in the sales comparison approach is _
income / value
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
replacement cost
beginning value the following year

7. The three approaches to value
estimate the assessment
potential gross income
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
cost - sales comparison (market) - and income

8. The right to use - occupy - and control a property for the length of the lessee's life
life estate
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Form L-4054
1 rod

9. The government retains the following powers
income
hear appeals from taxpayers or their agents
taxation - eminent domain - and police powers
exterior

10. Enacted in 1893
transferability
Michigan General Property Tax Act
market value; existing property
property record cards and assessment maps

11. Value is determined by _
utility - scarcity - desirability - transferability
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Number 1
December 31

12. Michigan's Constitution uses _ to determine assessments
Industrial Facility Tax Abatement
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
cost
true cash value

13. A consumer must be able to purchasee the property
transferability
County Board of Commissioners
northeast corner with section 1 and proceed west to section 6
percent good

14. To calculate a gross rent multiplier - _
State Tax Commission
Divide the sales price by the gross rent
median
Site/location

15. _ is estimating the cost of a building of similar design and utility
soil survey; land value
cost - sales comparison (market) - and income
Rectangular computation of area
Replacement cost

16. Capped value is _

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17. The General Property Tax Law states that agricultural operations means farming in all its _
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
branches
Tuesday following First 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

18. The cost approach is used to estimate _ of an _
Number 1
$1 per acre
market value; existing property
taxation - eminent domain - and police powers

19. Special assessments are not levied on all real and personal property that...
benefits from the special assessment
Tuesday following; first Monday in March
cost - sales comparison (market) - and income
agricultural personal property; exempt

20. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
reducing
Federal Northwest
Income / rate
50%; usual selling price

21. In a township - the _ is the secretary of the Board of Review
County Board of Commissioners
fee simple
benefits from the special assessment
supervisor

22. Approved by voters in 1978
directly benefit
rate x value
General Property Tax Act
Headlee Amendment

23. _ 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
are not
income approach
Replacement cost

24. The usual reference source regarding assessment and taxes
General Property Tax Act
fee simple - partial estate - and life estate
market rent
at value

25. Cost to construct an exact duplicate of the subject
the property owner or lessee - or the local government may begin the process of its own volition
February 20
reproduction cost
40

26. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
effective gross income
Site/location
cost
General Land Office survey

27. The definition of the economic principle of highest and best use is _
Site/location
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
fee simple - partial estate - and life estate
electors

28. Equity within the county is the responsibility of the _
County Board of Commissioners
income approach
Private Forest Reserve
real estate

29. Who may ask for establishment of an industrial facility tax exemption district?
the property owner or lessee - or the local government may begin the process of its own volition
Summation Method- Bank of Investment Method - and Market Comparison Method
is
are

30. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
General Property Tax Act
Form L-4054
receives and reviews
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

31. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
transferability
Form L-4023
the property owner or lessee - or the local government may begin the process of its own volition
Form L-4154

32. _ are applied to the cost schedules in the manuals
income
Tuesday following First Monday
County multipliers
Form L-4023

33. Pole barns - silos - and large grain bins are considered _
typical farm buildings
market comparison approach; cost approach
Divide the sales price by the gross rent
real and personal

34. 16 1/2 feet =
northeast corner with section 1 and proceed west to section 6
market rent
Rectangular computation of area
1 rod

35. Tax day
December 31
Form L-4022
life estate
reducing

36. There are _ in a geographical township
by contacting one of the parties to the transaction (buyer - seller - or realtor)
43 -560 square feet
36 sections
sales comparison approach

37. The definition of market value is _
typical farm buildings
median
market comparison approach; cost approach
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

38. The value of vacant land is estimated using _
sales prices of other parcels similar to the property being appraised
fee simple - partial estate - and life estate
agricultural personal property; exempt
County multipliers

39. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
Township Board; City Council
determining the primary use of the property; in this case probably agricultural or residential
net income
Industrial Facility Tax Abatement

40. Notices of the decisions of the BOR must be mailed by the _
General Property Tax Act
first Monday in June
cost
branches

41. Depreciation in the assessing process is expressed as a _
Genesee County
taxes
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
percent good

42. Equity within the 83 counties of the state is the responsibility of the _
property record cards and assessment maps
Tuesday following the second
State Tax Commission
March BOR

43. CAMA system should estimate replacement cost new less depreciation in the _ approach
cost
receives and reviews
February 20
Form L-4024

44. When measuring a house - you use _ measurements
Headlee Amendment
Form L-4022
exterior
at value

45. In July and December - the BOR may meet to _
December 31
Michigan Constitution
exempt
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

46. Movable irrigation systems including pumps not an integral part of a well are _ and are _
March BOR
depreciation
agricultural personal property; exempt
December 31

47. Deadline for filing personal property statements
General Land Office survey
General Property Tax Act
effective gross income
February 20

48. Potential income minus vacancy - bad debt - and operating expenses is the _
to hear appeals of the tentative taxable value
determining the primary use of the property; in this case probably agricultural or residential
net income
$1 per acre

49. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
market comparison approach; cost approach
Michigan General Property Tax Act
lots and blocks
beginning value the following year

50. Notice of special assessment public hearings must be given to _
real estate
typical farm buildings
owners and interested parties of the property to be assessed
by contacting one of the parties to the transaction (buyer - seller - or realtor)