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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. A depth factor chart is used to adjust lots that are _
hear appeals from taxpayers or their agents
not standard depth
demand one
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

2. A consumer must be able to purchasee the property
Form L-4054
Tuesday following Third Monday
is
transferability

3. The highest degree of ownership
General Property Tax Act
net income
percent good
fee simple

4. There are _ in a section
50%; usual selling price
640 acres
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
$1 per acre

5. If a business fails to file a personal property statement - the assessor shall _
Income / rate
Michigan Constitution
Divide the sales price by the gross rent
estimate the assessment

6. Personal property forms must be approved by the _
5 -280 lineal feet
State Tax Commission
exterior
July and December BOR

7. Compares the property beign appraised to similar properties that have recently sold
sales comparison approach
State Tax Commission
adverse possession
Tuesday following Third Monday

8. In a residential neighborhood - the measurement usually used in developing cost is _
3/4 Proposal
County multipliers
Front foot
Summation Method- Bank of Investment Method - and Market Comparison Method

9. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
soil survey; land value
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Michigan Constitution
December 31

10. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
electors
are not
true cash value
directly benefit

11. The amount of money or goods you can receive if you sell property
gross rent multipliers
value in exchange
exterior
Reproduction cost

12. CAMA system should estimate replacement cost new less depreciation in the _ approach
agricultural personal property; exempt
county multipliers
cost
typical farm buildings

13. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
County Board of Commissioners
Form L-4023
soil survey; land value
are

14. The Board of Review was created by the _ of 1893
May 1
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
General Property Tax Act
soil survey; land value

15. is the rent a property could command on the open market
market rent
Rectangular survey; metes and bounds; platted or recorded subdivision
partial estate
percent good

16. Capped value is _

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17. When appraising a commercial building - you should remember that unlike building - land is...
soil survey; land value
cost - sales comparison (market) - and income
never depreciated
replacement cost

18. Inventory (is/is not) exempt
is
life estate
Industrial Facility Tax Abatement
expenses allowable

19. One use of land value maps is to _
taxation - eminent domain - and police powers
track land sales
benefits from the special assessment
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

20. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
supervisor
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
market comparison approach; cost approach
sales comparison

21. Special assessment districts are commonly used for _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Interest or discount
desirability
percent good

22. Equity within the county is the responsibility of the _
Tuesday following Third Monday
County Board of Commissioners
is
Headlee Amendment

23. The value property has in a specific use
Michigan Constitution
value in use
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
640 acres

24. 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
hear appeals from taxpayers or their agents
income / value
reproduction cost
specific tax

25. _ is estimating the cost of an exact duplication of the building
exempt
Reproduction cost
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
desirability

26. Half the base times the height
50%; usual selling price
Summation Method- Bank of Investment Method - and Market Comparison Method
Triangle computation of area
effective gross income

27. Movable irrigation systems including pumps not an integral part of a well are _ and are _
Form L-4046
market comparison approach; cost approach
agricultural personal property; exempt
Divide the sales price by the gross rent

28. Net income is _ minus _
potential income; vacancy - bad debt and operating expenses
February 20
transferability
income / value

29. Deadline for filing personal property statements
Open Meetings Act
exempted
February 20
operating expenses

30. IFT certificates are granted for _ years with a possible 2-year construction period
March BOR
Genesee County
property record cards and assessment maps
12

31. There are _ in a geographical township
median
36 sections
Interest or discount
owners and interested parties of the property to be assessed

32. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
agricultural personal property; exempt
real property
discount rate - recapture rate - effective tax rate
never the land

33. Special assessments must _ the properties in the district
sales prices of other parcels similar to the property being appraised
directly benefit
May 1
first Monday in June

34. The definition of market value is _
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
exempted
Tuesday following Third Monday
Township Board; City Council

35. The formula for calculating income is _
rate x value
true cash value
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
desirability

36. Management costs in timber-cutover include _ which are usually the largest expense in this classification
Capitalizaiton rate
Tuesday following Third Monday
taxes
July; July Board of Review

37. March Board of Review begins
Federal Northwest
General Property Tax Act
Tuesday following First Monday
specific tax

38. The income approach calculates the _ of a future income stream
present worth
potential gross income
12
life estate

39. _ was designed to provide for the exemption from certain taxes; to levy and collect a specific tax from the owners of properties so exempted; and to provide for the transfer of the exemption certificates; also prescribes the power and dute of the STC
Circle computation of area
never depreciated
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
never the land

40. The usual reference source regarding assessment and taxes
Tuesday following the second
the property owner or lessee - or the local government may begin the process of its own volition
General Property Tax Act
are not

41. Notice of special assessment public hearings must be given to _
12
$1 per acre
Form L-4024
owners and interested parties of the property to be assessed

42. Cost to construct an exact duplicate of the subject
not standard depth
physical - functional - and economic
County Board of Commissioners
reproduction cost

43. Used to estimate the cost of constructing improvements to the land
cost approach
General Property Tax Act
36 sections
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

44. Methods used to describe property in Michigan
Rectangular survey; metes and bounds; platted or recorded subdivision
potential income; vacancy - bad debt and operating expenses
contract rent
specific tax

45. The government retains the following powers
reproduction cost
never depreciated
taxation - eminent domain - and police powers
median

46. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
at value
potential gross income
Private Forest Reserve
are not

47. July Board of Review begins
Tuesday following Third Monday
State Tax Commission
specific tax
gross rent multipliers

48. Public rights-of-way are _
12
exempt
utility - scarcity - desirability - transferability
branches

49. The three approaches to value
operating expenses
cost - sales comparison (market) - and income
directly benefit
Reproduction cost

50. Leased property is...
GRM X MARKET RENT = MARKET VALUE
partial estate
County Board of Commissioners
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