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Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
Start Test
Study First
Subject
:
certifications
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 second meeting of the BOR is held to _
utility - scarcity - desirability - transferability
hear appeals from taxpayers or their agents
present worth
Form L-4260
2. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
Front foot
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
General Property Tax Act
operating expenses
3. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
County multipliers
northeast corner with section 1 and proceed west to section 6
are not
July; July Board of Review
4. The formula for calculating rate is _
utility - scarcity - desirability - transferability
exterior
income / value
hear appeals from taxpayers or their agents
5. IFT's affect only the building value...
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
contract rent
never the land
are
6. All meetings of the BOR are governed by the _
income approach
supervisor
Open Meetings Act
February 20
7. The government retains the following powers
utility - scarcity - desirability - transferability
taxation - eminent domain - and police powers
physical - functional - and economic
Site/location
8. Initial survey point for Michigan at the intersection of two streets
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
The Land Residual
Genesee County
CAMA
9. There are _ in a section
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
640 acres
GRM X MARKET RENT = MARKET VALUE
cost approach
10. In heavily wooded areas where property lines may be difficult to identify - it is important that the owners protect their property from being claimed under _
adverse possession
Cost Approach
tangible or intangible
Federal Northwest
11. The four basic steps in the sales comparison approach is _
Form L-4154
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
life estate
12. In a cost approach program - the computer system should estimate _ less _
replacement cost new; depreciation
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
physical - functional - and economic
market comparison approach; cost approach
13. To calculate a gross rent multiplier - _
Triangle computation of area
electors
not standard depth
Divide the sales price by the gross rent
14. Most taxpayers must appeal to the local _ before appealing to the _
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
reducing
Board of Review; Michigan Tax Tribunal
market comparison approach; cost approach
15. 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 _
market comparison approach; cost approach
$421 -052
County multipliers
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
16. Equity at the local level is the responsibility of the _
assessor and Board of Review
May 1
desirability
gross rent multipliers
17. A consumer must want the product for it to have value
CAMA
real and personal
economic obsolescense
desirability
18. The usual reference source regarding assessment and taxes
General Property Tax Act
gross rent multipliers
never depreciated
County Board of Commissioners
19. In a township - the _ is the secretary of the Board of Review
supervisor
owners and interested parties of the property to be assessed
State Tax Commission
never depreciated
20. Churches - schools - libraries and similar institutions are usually...
Form L-4154
cost
market comparison approach; cost approach
exempt
21. Cost to construct an exact duplicate of the subject
Site/location
reproduction cost
is
GRM X MARKET RENT = MARKET VALUE
22. Equity within the 83 counties of the state is the responsibility of the _
General Property Tax Act
State Tax Commission
fee simple - partial estate - and life estate
Open Meetings Act
23. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
March BOR
Michigan Constitution
February 20
property record cards and assessment maps
24. Radius squared times Pi (3.1416)
43 -560 square feet
Taxable Value x Millage Rate = Tax Bill
hear appeals from taxpayers or their agents
Circle computation of area
25. May change assessment for current year
directly benefit
cost - sales comparison (market) - and income
Income / rate
March BOR
26. is the rent a property could command on the open market
determining the primary use of the property; in this case probably agricultural or residential
net income
assessor and Board of Review
market rent
27. 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
Form L-4054
market value; existing property
are
sales comparison
28. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
to hear appeals of the tentative taxable value
Form L-4046
taxes
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
29. There are _ in a geographical township
Open Meetings Act
Form L-4022
ground floor area
36 sections
30. When appraising a commercial building - you should remember that unlike building - land is...
never depreciated
Rectangular computation of area
July and December BOR
Rectangular survey; metes and bounds; platted or recorded subdivision
31. Economic condition factors (are/are not) applied to land and buildings
are not
supervisor
County multipliers
October 31
32. The highest degree of ownership
GRM X MARKET RENT = MARKET VALUE
exterior
fee simple
exempt
33. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
net income
sales comparison
exterior
Site/location
34. A platted subdivision is described by _
lots and blocks
at value
Headlee Amendment
Income / rate
35. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
March BOR
Form L-4025
value in exchange
36. Personal property may be _
sales prices of other parcels similar to the property being appraised
General Property Tax Act
Form L-4024
tangible or intangible
37. _ is estimating the cost of a building of similar design and utility
Replacement cost
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
December 31
Rectangular computation of area
38. The three categories of depreciation are _
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
physical - functional - and economic
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Genesee County
39. Taxable personal property includes all property not expressly _
market rent
Capitalizaiton rate
exempted
assessor and Board of Review
40. Used to estimate the cost of constructing improvements to the land
income / value
Form L-4024
cost approach
Front foot
41. Personal property statemetns are due on _
present worth
February 20
contract rent
Form L-4024
42. Cost to construct improvement with the same functional utility of the subject
Form L-4260
sales prices of other parcels similar to the property being appraised
to hear appeals of the tentative taxable value
replacement cost
43. The market rent times the number of units availabe to rent is _
October 31
General Property Tax Act
Front foot
potential gross income
44. 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
specific tax
never depreciated
never the land
Income / rate
45. Buildings on leased lands _ personal property
are
Form L-4046
directly benefit
taxes
46. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
real estate
Form L-4054
estimate the assessment
State Tax Commission
47. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
Rectangular computation of area
Form L-4024
sales comparison approach
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
48. Who may ask for establishment of an industrial facility tax exemption district?
transferability
hear appeals from taxpayers or their agents
the property owner or lessee - or the local government may begin the process of its own volition
Form L-4024
49. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
replacement cost
February 20
Form L-4260
median
50. The Board of Review was created by the _ of 1893
partial estate
benefits from the special assessment
General Property Tax Act
local government unit