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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. _ is estimating the cost of an exact duplication of the building
$421 -052
Reproduction cost
General Land Office survey
contract rent

2. Members of the Board of Review must be _ of the township
General Property Tax Act
electors
Board of Review; Michigan Tax Tribunal
May 1

3. Definition of ad valorem
branches
General Property Tax Act
640 acres
at value

4. The formula for calculating rate is _
Form L-4024
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Rectangular computation of area
income / value

5. Sections in a township start _
present worth
northeast corner with section 1 and proceed west to section 6
agricultural personal property; exempt
State Tax Commission

6. The usual reference source regarding assessment and taxes
a plus adjustemnt for the fireplace to the comp
General Property Tax Act
first Monday in June
12

7. You verify a sale _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Taxable Value X Millage Rate
Township Board; City Council
assessor and Board of Review

8. The income approach calculates the _ of a future income stream
Michigan Constitution
expenses allowable
present worth
exterior

9. IFT's affect only the building value...
never the land
Private Forest Reserve
Divide the sales price by the gross rent
real and personal

10. Special assessments are not levied on all real and personal property that...
# of acres times 43 -560 divided by known dimension
benefits from the special assessment
Number 1
expenses allowable

11. In a cost approach program - the computer system should estimate _ less _
partial estate
replacement cost new; depreciation
a plus adjustemnt for the fireplace to the comp
physical - functional - and economic

12. CAMA system should estimate replacement cost new less depreciation in the _ approach
cost
Replacement cost
Open Meetings Act
40

13. Management costs in timber-cutover include _ which are usually the largest expense in this classification
taxation - eminent domain - and police powers
lots and blocks
contract rent
taxes

14. A consumer must be able to purchasee the property
soil survey; land value
first Monday in June
transferability
Circle computation of area

15. _ is the rent actually received for a property
Township Board; City Council
market value; existing property
contract rent
are not

16. Notices of the decisions of the BOR must be mailed by the _
first Monday in June
adverse possession
owners and interested parties of the property to be assessed
reducing

17. The amount of money or goods you can receive if you sell property
effective gross income
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
value in exchange
Form L-4260

18. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
43 -560 square feet
July; July Board of Review
effective gross income
The Land Residual

19. Compares the property beign appraised to similar properties that have recently sold
physical - functional - and economic
Cost Approach
sales comparison approach
are not

20. Leased property is...
partial estate
taxes
reproduction cost
operating expenses

21. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Michigan Constitution
Form L-4024
Form L-4046
$1 per acre

22. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
Tuesday following; first Monday in March
determining the primary use of the property; in this case probably agricultural or residential
never depreciated
benefits from the special assessment

23. The four basic steps in the sales comparison approach is _
branches
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
property record cards and assessment maps
demand one

24. Value is determined by _
1 rod
Taxable Value X Millage Rate
utility - scarcity - desirability - transferability
Tuesday following Third Monday

25. The definition of the economic principle of highest and best use is _
Replacement cost
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
taxation - eminent domain - and police powers
July; July Board of Review

26. The most common types of ownership are _
Cost Approach
Headlee Amendment
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
fee simple - partial estate - and life estate

27. Radius squared times Pi (3.1416)
Circle computation of area
Taxable Value X Millage Rate
Tuesday following the second
benefits from the special assessment

28. _ are applied to the cost schedules in the manuals
discount rate - recapture rate - effective tax rate
Divide the sales price by the gross rent
County multipliers
Form L-4054

29. 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
sales comparison
Headlee Amendment
fee simple
income / value

30. Not transfers of ownership
July; July Board of Review
exempt
adverse possession
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

31. The first meeting of the BOR is held on the _
directly benefit
potential income; vacancy - bad debt and operating expenses
Tuesday following; first Monday in March
value in use

32. The three categories of depreciation are _
County multipliers
physical - functional - and economic
lots and blocks
sales comparison

33. _ is estimating the cost of a building of similar design and utility
are
Cost Approach
GRM X MARKET RENT = MARKET VALUE
Replacement cost

34. Length times the width
40
replacement cost
Rectangular computation of area
is

35. Movable irrigation systems including pumps not an integral part of a well are _ and are _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Board of Review; Michigan Tax Tribunal
agricultural personal property; exempt

36. Tax day
are not
Private Forest Reserve
December 31
October 31

37. When appraising a commercial building - you should remember that unlike building - land is...
February 20
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
never depreciated
tangible or intangible

38. Cost to construct an exact duplicate of the subject
Board of Review; Michigan Tax Tribunal
$421 -052
tangible or intangible
reproduction cost

39. 16 1/2 feet =
life estate
February 20
1 rod
fee simple

40. The value of vacant land is estimated using _
supervisor
sales prices of other parcels similar to the property being appraised
physical - functional - and economic
Open Meetings Act

41. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Genesee County
February 20
Township Board; City Council
40

42. 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?
Divide the sales price by the gross rent
$421 -052
a plus adjustemnt for the fireplace to the comp
Form L-4024

43. Article 9 of the Michigan Constitution provides for uniform property taxation which may not exceed _ of true cash value which is defined as being the _
Michigan Constitution
General Land Office survey
owners and interested parties of the property to be assessed
50%; usual selling price

44. Market value of property is _
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
Township Board; City Council
36 sections
Industrial Facility Tax Abatement

45. The formula for calculating tax bills is _
income
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
Circle computation of area
Taxable Value x Millage Rate = Tax Bill

46. In July and December - the BOR may meet to _
5 -280 lineal feet
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
exempted
sales prices of other parcels similar to the property being appraised

47. 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
sales comparison
net income
specific tax
640 acres

48. _ measures value in exchange; it is based on the principle of substitution
direct sales comparison
market comparison approach; cost approach
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
agricultural personal property; exempt

49. Personal property may be _
tangible or intangible
supervisor
Number 1
Form L-4260

50. _ is used to adjust the cosst approach to market value for residential properties
Form L-4023
Economic condition factor
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
lots and blocks