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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. When appraising a commercial building - you should remember that unlike building - land is...
Taxable Value X Millage Rate
never depreciated
net income
CAMA

2. Computer assisted mass appraisal
typical farm buildings
July; July Board of Review
tangible or intangible
CAMA

3. The _ determines the size for rates
is
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
ground floor area
value in use

4. Length times the width
The Land Residual
lots and blocks
County multipliers
Rectangular computation of area

5. The three principal steps in the cost approach are _
fee simple - partial estate - and life estate
at value
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
General Land Office survey

6. Tax day
are
December 31
market value; existing property
36 sections

7. In a residential neighborhood - the measurement usually used in developing cost is _
expenses allowable
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
Industrial Facility Tax Abatement
Front foot

8. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
rate x value
Number 1
Genesee County
Form L-4022

9. The formula for using a gross rent multiplier to determine market value is _
GRM X MARKET RENT = MARKET VALUE
not standard depth
beginning value the following year
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

10. There are _ in a section
43 -560 square feet
CAMA
direct sales comparison
640 acres

11. The _ must approve the application for an IFT before the State Tax Commission approves the application
July; July Board of Review
local government unit
at value
Form L-4154

12. A depth factor chart is used to adjust lots that are _
not standard depth
never depreciated
replacement cost
supervisor

13. _ is estimating the cost of an exact duplication of the building
Reproduction cost
Divide the sales price by the gross rent
never depreciated
operating expenses

14. The three approaches to value
soil survey; land value
cost - sales comparison (market) - and income
May 1
rate x value

15. Enacted in 1893
Tuesday following First Monday
exempt
Michigan General Property Tax Act
sales comparison approach

16. When measuring a house - you use _ measurements
Private Forest Reserve
State Tax Commission
exterior
lots and blocks

17. Capped value is _

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18. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
electors
fee simple - partial estate - and life estate
County multipliers
Form L-4054

19. Special assessments are not levied on all real and personal property that...
benefits from the special assessment
life estate
Industrial Facility Tax Abatement
assessor and Board of Review

20. The capitalization rate includes the _ - _ and the _
discount rate - recapture rate - effective tax rate
estimate the assessment
replacement cost new; depreciation
October 31

21. Proposal A had the immediate result of _ property taxes in the state
640 acres
Divide the sales price by the gross rent
reducing
$1 per acre

22. The cost approach is used to estimate _ of an _
General Property Tax Act
Headlee Amendment
market value; existing property
income / value

23. The right to use - occupy - and control a property for the length of the lessee's life
Tuesday following First Monday
effective gross income
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
life estate

24. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
Industrial Facility Tax Abatement
Form L-4025
sales prices of other parcels similar to the property being appraised
tangible or intangible

25. Members of the Board of Review must be _ of the township
never the land
electors
State Tax Commission
expenses allowable

26. To calculate a gross rent multiplier - _
Divide the sales price by the gross rent
exempted
cost - sales comparison (market) - and income
value in use

27. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
reproduction cost
Rectangular computation of area
median

28. Definition of ad valorem
desirability
local government unit
at value
county multipliers

29. Equity within the county is the responsibility of the _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Michigan General Property Tax Act
sales comparison
County Board of Commissioners

30. Vacant land adjustments have to be made for differences in _
March BOR
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
northeast corner with section 1 and proceed west to section 6
real and personal

31. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
present worth
effective gross income
reducing
December 31

32. The highest degree of ownership
40
fee simple
County Board of Commissioners
economic obsolescense

33. The most common types of ownership are _
County Board of Commissioners
fee simple - partial estate - and life estate
Tuesday following; first Monday in March
Form L-4022

34. IFT certificates are granted for _ years with a possible 2-year construction period
economic obsolescense
operating expenses
Triangle computation of area
12

35. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
Form L-4054
expenses not allowable
40
typical farm buildings

36. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
Reproduction cost
real property
Form L-4025
effective gross income

37. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
potential gross income
Private Forest Reserve
percent good
exempted

38. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
market comparison approach; cost approach
exempt
May 1

39. Cost to construct improvement with the same functional utility of the subject
utility - scarcity - desirability - transferability
replacement cost
Form L-4054
lots and blocks

40. The usual reference source regarding assessment and taxes
Industrial Facility Tax Abatement
State Tax Commission
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
General Property Tax Act

41. 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?
specific tax
first Monday in June
a plus adjustemnt for the fireplace to the comp
are not

42. The market rent times the number of units availabe to rent is _
County Board of Commissioners
# of acres times 43 -560 divided by known dimension
replacement cost
potential gross income

43. 1 acre =
expenses not allowable
hear appeals from taxpayers or their agents
43 -560 square feet
income / value

44. Radius squared times Pi (3.1416)
county multipliers
lots and blocks
Circle computation of area
1 rod

45. Churches - schools - libraries and similar institutions are usually...
The Land Residual
Front foot
General Property Tax Act
exempt

46. The rights of ownership removed by government are _
effective gross income
Form L-4025
power to tax - eminent domain - police power - escheat
Township Board; City Council

47. True cash value is _
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
specific tax
Federal Northwest
owners and interested parties of the property to be assessed

48. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
Site/location
Circle computation of area
Divide the sales price by the gross rent
agricultural personal property; exempt

49. CAMA system should estimate replacement cost new less depreciation in the _ approach
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
cost
Tuesday following the second
never depreciated

50. Approved by voters in 1978
fee simple - partial estate - and life estate
Divide the sales price by the gross rent
5 -280 lineal feet
Headlee Amendment