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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 usual reference source regarding assessment and taxes
demand one
County Board of Commissioners
GRM X MARKET RENT = MARKET VALUE
General Property Tax Act

2. Equity at the local level is the responsibility of the _
receives and reviews
market rent
are not
assessor and Board of Review

3. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
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
Form L-4024
Form L-4022
$421 -052

4. _ is used to adjust the cosst approach to market value for residential properties
Rectangular survey; metes and bounds; platted or recorded subdivision
Economic condition factor
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

5. Special assessment districts are commonly used for _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
reducing
Form L-4154
agricultural personal property; exempt

6. The formula for calculating income is _
contract rent
not standard depth
rate x value
Form L-4260

7. 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
supervisor
County multipliers
# of acres times 43 -560 divided by known dimension

8. The four basic steps in the sales comparison approach is _
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
December 31
Replacement cost
hear appeals from taxpayers or their agents

9. Personal property may be _
the property owner or lessee - or the local government may begin the process of its own volition
potential income; vacancy - bad debt and operating expenses
tangible or intangible
first Monday in June

10. 16 1/2 feet =
43 -560 square feet
net income
1 rod
Form L-4154

11. The _ determines the size for rates
directly benefit
ground floor area
receives and reviews
March BOR

12. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
market comparison approach; cost approach
Form L-4260
real and personal
Form L-4023

13. Initial survey point for Michigan at the intersection of two streets
Genesee County
Private Forest Reserve
transferability
a plus adjustemnt for the fireplace to the comp

14. 1 mile =
5 -280 lineal feet
Tuesday following Third Monday
assessor and Board of Review
exempted

15. CAMA system should estimate replacement cost new less depreciation in the _ approach
February 20
is
cost
depreciation

16. Computer assisted mass appraisal
estimate the assessment
CAMA
exempt
hear appeals from taxpayers or their agents

17. Michigan's Constitution provides for _ of taxation
40
uniform rates
value in use
income approach

18. Management costs in timber-cutover include _ which are usually the largest expense in this classification
taxes
typical farm buildings
40
life estate

19. True cash value is _
The Land Residual
Reproduction cost
Michigan General Property Tax Act
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

20. The formula for calculating rate is _
Tuesday following Third Monday
income / value
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
at value

21. Sections in a township start _
gross rent multipliers
northeast corner with section 1 and proceed west to section 6
sales comparison approach
County Board of Commissioners

22. A limits the maximum amount of ad valorem taxes that may be levied for school district operating purposes. The change this maximum requires a vote of _ of the legislature to approve.
Industrial Facility Tax Abatement
adverse possession
potential income; vacancy - bad debt and operating expenses
3/4 Proposal

23. The three principal steps in the cost approach are _
county multipliers
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
50%; usual selling price
Site/location

24. There are _ in a section
General Property Tax Act
economic obsolescense
640 acres
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

25. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
track land sales
Form L-4046
life estate
cost approach

26. _ are applied to the cost schedules in the manuals
County multipliers
sales comparison
Circle computation of area
by contacting one of the parties to the transaction (buyer - seller - or realtor)

27. The formula for using a gross rent multiplier to determine market value is _
GRM X MARKET RENT = MARKET VALUE
Township Board; City Council
rate x value
real and personal

28. Equity within the 83 counties of the state is the responsibility of the _
County multipliers
State Tax Commission
36 sections
GRM X MARKET RENT = MARKET VALUE

29. July Board of Review begins
Tuesday following Third Monday
hear appeals from taxpayers or their agents
May 1
cost - sales comparison (market) - and income

30. The Tuesday following the third Monday in _ is the _ meeting.
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
to hear appeals of the tentative taxable value
July; July Board of Review
Tuesday following; first Monday in March

31. A consumer must want the product for it to have value
county multipliers
Form L-4023
desirability
Board of Review; Michigan Tax Tribunal

32. The BOR _ and _ the roll
Industrial Facility Tax Abatement
receives and reviews
cost approach
5 -280 lineal feet

33. In a township - the _ is the secretary of the Board of Review
Tuesday following Third Monday
partial estate
Tuesday following the second
supervisor

34. Pole barns - silos - and large grain bins are considered _
Tuesday following; first Monday in March
is
determining the primary use of the property; in this case probably agricultural or residential
typical farm buildings

35. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
Open Meetings Act
State Tax Commission
beginning value the following year
soil survey; land value

36. Monday December Board of Review begins
cost - sales comparison (market) - and income
estimate the assessment
Tuesday following the second
Michigan Constitution

37. 1 acre =
track land sales
43 -560 square feet
cost - sales comparison (market) - and income
5 -280 lineal feet

38. Tax day
50%; usual selling price
December 31
General Property Tax Act
Cost Approach

39. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
taxes
desirability
County Board of Commissioners
are not

40. The formula for calculating tax bills is _
potential gross income
Taxable Value x Millage Rate = Tax Bill
reducing
is

41. _ is the rent actually received for a property
Board of Review; Michigan Tax Tribunal
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
income
contract rent

42. Churches - schools - libraries and similar institutions are usually...
physical - functional - and economic
exempt
adverse possession
Cost Approach

43. The government is authorized to levy taxes in the _
# of acres times 43 -560 divided by known dimension
first Monday in June
Michigan Constitution
Economic condition factor

44. 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?
a plus adjustemnt for the fireplace to the comp
true cash value
hear appeals from taxpayers or their agents
rate x value

45. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
12
July and December BOR
potential gross income
Number 1

46. Vacant land adjustments have to be made for differences in _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Divide the sales price by the gross rent
The Land Residual
$1 per acre

47. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
percent good
real and personal
Township Board; City Council
Income / rate

48. In a cost approach program - the computer system should estimate _ less _
Tuesday following; first Monday in March
agricultural personal property; exempt
are not
replacement cost new; depreciation

49. Notice of special assessment public hearings must be given to _
owners and interested parties of the property to be assessed
fee simple
43 -560 square feet
Front foot

50. IFT's affect only the building value...
never the land
specific tax
by contacting one of the parties to the transaction (buyer - seller - or realtor)
1 rod