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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 highest degree of ownership
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
soil survey; land value
exempt
fee simple

2. The return on the investment called in the capitalization rate is _
are
Replacement cost
Interest or discount
county multipliers

3. The usual reference source regarding assessment and taxes
General Property Tax Act
Tuesday following First Monday
640 acres
to hear appeals of the tentative taxable value

4. When measuring a house - you use _ measurements
Interest or discount
determining the primary use of the property; in this case probably agricultural or residential
exterior
are

5. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
desirability
50%; usual selling price
February 20

6. Compares the property beign appraised to similar properties that have recently sold
real estate
never depreciated
benefits from the special assessment
sales comparison approach

7. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
utility - scarcity - desirability - transferability
Divide the sales price by the gross rent
determining the primary use of the property; in this case probably agricultural or residential
Form L-4023

8. _ is a loss of utility and therefore of value from any cause
depreciation
reproduction cost
expenses allowable
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

9. If a business fails to file a personal property statement - the assessor shall _
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
estimate the assessment
Michigan General Property Tax Act
receives and reviews

10. Economic condition factors (are/are not) applied to land and buildings
value in exchange
are not
Rectangular computation of area
not standard depth

11. Tax day
December 31
Form L-4023
power to tax - eminent domain - police power - escheat
County multipliers

12. Personal property may be _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Divide the sales price by the gross rent
percent good
tangible or intangible

13. Unknown dimension formula
# of acres times 43 -560 divided by known dimension
a plus adjustemnt for the fireplace to the comp
February 20
July and December BOR

14. The rights of ownership removed by government are _
a plus adjustemnt for the fireplace to the comp
never the land
Genesee County
power to tax - eminent domain - police power - escheat

15. Pole barns - silos - and large grain bins are considered _
typical farm buildings
hear appeals from taxpayers or their agents
supervisor
$1 per acre

16. You verify a sale _
Form L-4023
Reproduction cost
by contacting one of the parties to the transaction (buyer - seller - or realtor)
present worth

17. 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 _
true cash value
by contacting one of the parties to the transaction (buyer - seller - or realtor)
$421 -052
local government unit

18. The value property has in a specific use
net income
income
transferability
value in use

19. The formula for calculating tax bills is _
market value; existing property
physical - functional - and economic
expenses allowable
Taxable Value x Millage Rate = Tax Bill

20. One use of land value maps is to _
gross rent multipliers
# of acres times 43 -560 divided by known dimension
Michigan Constitution
track land sales

21. Who may ask for establishment of an industrial facility tax exemption district?
not standard depth
at value
the property owner or lessee - or the local government may begin the process of its own volition
exterior

22. The BOR _ and _ the roll
County Board of Commissioners
receives and reviews
Form L-4260
income

23. Computer assisted mass appraisal
owners and interested parties of the property to be assessed
Michigan Constitution
CAMA
General Property Tax Act

24. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
$1 per acre
July; July Board of Review
demand one
effective gross income

25. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
first Monday in June
Interest or discount
Form L-4260
Headlee Amendment

26. IFT's affect only the building value...
never the land
sales prices of other parcels similar to the property being appraised
hear appeals from taxpayers or their agents
Rectangular survey; metes and bounds; platted or recorded subdivision

27. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
The Land Residual
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
market comparison approach; cost approach
lots and blocks

28. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
Divide the sales price by the gross rent
percent good
to hear appeals of the tentative taxable value
exempt

29. In a township - the _ is the secretary of the Board of Review
are
expenses allowable
Reproduction cost
supervisor

30. Radius squared times Pi (3.1416)
Board of Review; Michigan Tax Tribunal
beginning value the following year
Circle computation of area
36 sections

31. In July and December - the BOR may meet to _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Tuesday following Third Monday
life estate
Capitalizaiton rate

32. Special assessments are not levied on all real and personal property that...
tangible or intangible
benefits from the special assessment
County multipliers
present worth

33. Michigan's Constitution provides for _ of taxation
uniform rates
direct sales comparison
replacement cost
power to tax - eminent domain - police power - escheat

34. Proposal A had the immediate result of _ property taxes in the state
hear appeals from taxpayers or their agents
Board of Review; Michigan Tax Tribunal
reducing
market comparison approach; cost approach

35. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
Form L-4054
cost approach
Form L-4025
Capitalizaiton rate

36. March Board of Review begins
County multipliers
Tuesday following First Monday
Cost Approach
Interest or discount

37. Deadline for filing personal property statements
not standard depth
February 20
specific tax
cost - sales comparison (market) - and income

38. Movable irrigation systems including pumps not an integral part of a well are _ and are _
$421 -052
agricultural personal property; exempt
property record cards and assessment maps
northeast corner with section 1 and proceed west to section 6

39. The Board of Review was created by the _ of 1893
General Property Tax Act
a plus adjustemnt for the fireplace to the comp
are
exterior

40. Equity at the local level is the responsibility of the _
$421 -052
assessor and Board of Review
typical farm buildings
soil survey; land value

41. The definition of market value is _
county multipliers
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
partial estate
by contacting one of the parties to the transaction (buyer - seller - or realtor)

42. The formula for using a gross rent multiplier to determine market value is _
GRM X MARKET RENT = MARKET VALUE
Circle computation of area
February 20
Tuesday following the second

43. Initial survey point for Michigan at the intersection of two streets
true cash value
exempt
Genesee County
uniform rates

44. Notices of the decisions of the BOR must be mailed by the _
Circle computation of area
Tuesday following; first Monday in March
first Monday in June
CAMA

45. In a cost approach program - the computer system should estimate _ less _
present worth
General Property Tax Act
Economic condition factor
replacement cost new; depreciation

46. _ is used to adjust the cosst approach to market value for residential properties
Taxable Value X Millage Rate
December 31
income
Economic condition factor

47. The three principal steps in the cost approach are _
agricultural personal property; exempt
Rectangular survey; metes and bounds; platted or recorded subdivision
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
Private Forest Reserve

48. Half the base times the height
real and personal
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
Triangle computation of area

49. The formula for calculating value is _
Income / rate
Number 1
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Form L-4154

50. There are _ in a section
Economic condition factor
640 acres
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
northeast corner with section 1 and proceed west to section 6