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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 cost approach is used to estimate _ of an _
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
depreciation
Replacement cost
market value; existing property

2. The three principal steps in the cost approach are _
county multipliers
# of acres times 43 -560 divided by known dimension
July and December BOR
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

3. Cost to construct improvement with the same functional utility of the subject
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
replacement cost

4. The capitalization rate includes the _ - _ and the _
soil survey; land value
discount rate - recapture rate - effective tax rate
October 31
never depreciated

5. _ is a loss of utility and therefore of value from any cause
track land sales
are not
depreciation
July; July Board of Review

6. Notice of special assessment public hearings must be given to _
expenses not allowable
Front foot
partial estate
owners and interested parties of the property to be assessed

7. The General Property Tax Law states that agricultural operations means farming in all its _
Interest or discount
branches
a plus adjustemnt for the fireplace to the comp
Form L-4260

8. _ is used to adjust the cosst approach to market value for residential properties
specific tax
Economic condition factor
partial estate
Tuesday following Third Monday

9. _ soil is considered the most productive
owners and interested parties of the property to be assessed
never depreciated
40
Number 1

10. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
discount rate - recapture rate - effective tax rate
Form L-4022
directly benefit
1 rod

11. _ measures value in exchange; it is based on the principle of substitution
Form L-4022
exempt
direct sales comparison
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

12. The three categories of depreciation are _
February 20
taxation - eminent domain - and police powers
physical - functional - and economic
effective gross income

13. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
are not
cost
5 -280 lineal feet
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

14. True cash value is _
Economic condition factor
value in use
branches
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

15. Used to value the income stream of a property
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
50%; usual selling price
income approach
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

16. The formula for calculating tax bills is _
Taxable Value x Millage Rate = Tax Bill
contract rent
local government unit
hear appeals from taxpayers or their agents

17. The _ determines the size for rates
depreciation
CAMA
Form L-4046
ground floor area

18. The right to use - occupy - and control a property for the length of the lessee's life
median
are
Private Forest Reserve
life estate

19. There are _ in a geographical township
desirability
effective gross income
36 sections
direct sales comparison

20. Value is determined by _
Divide the sales price by the gross rent
taxes
utility - scarcity - desirability - transferability
$1 per acre

21. The value property has in a specific use
value in use
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
income approach
beginning value the following year

22. Movable irrigation systems including pumps not an integral part of a well are _ and are _
Form L-4054
Township Board; City Council
are not
agricultural personal property; exempt

23. The usual reference source regarding assessment and taxes
General Property Tax Act
Circle computation of area
Michigan Constitution
track land sales

24. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
property record cards and assessment maps
utility - scarcity - desirability - transferability
Form L-4154
agricultural personal property; exempt

25. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
ground floor area
Tuesday following; first Monday in March
to hear appeals of the tentative taxable value
Rectangular survey; metes and bounds; platted or recorded subdivision

26. The Board of Review was created by the _ of 1893
determining the primary use of the property; in this case probably agricultural or residential
General Property Tax Act
local government unit
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

27. Special assessment districts are commonly used for _
fee simple - partial estate - and life estate
rate x value
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
County Board of Commissioners

28. A platted subdivision is described by _
first Monday in June
lots and blocks
July; July Board of Review
real estate

29. Equity at the local level is the responsibility of the _
Front foot
assessor and Board of Review
transferability
Headlee Amendment

30. The Tuesday following the third Monday in _ is the _ meeting.
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
July; July Board of Review
uniform rates
real and personal

31. Depreciation in the assessing process is expressed as a _
GRM X MARKET RENT = MARKET VALUE
percent good
never the land
market value; existing property

32. Buildings on leased lands _ personal property
hear appeals from taxpayers or their agents
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
real estate
are

33. is the rent a property could command on the open market
reproduction cost
hear appeals from taxpayers or their agents
market rent
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

34. All meetings of the BOR are governed by the _
Open Meetings Act
exterior
potential income; vacancy - bad debt and operating expenses
Michigan General Property Tax Act

35. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
assessor and Board of Review
July; July Board of Review
fee simple

36. To calculate a gross rent multiplier - _
Divide the sales price by the gross rent
percent good
a plus adjustemnt for the fireplace to the comp
operating expenses

37. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
State Tax Commission
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
determining the primary use of the property; in this case probably agricultural or residential
1 rod

38. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
July and December BOR
economic obsolescense
Industrial Facility Tax Abatement
branches

39. A consumer must be able to purchasee the property
transferability
sales comparison
Genesee County
median

40. Special assessments must _ the properties in the district
February 20
Form L-4154
physical - functional - and economic
directly benefit

41. Definition of ad valorem
utility - scarcity - desirability - transferability
to hear appeals of the tentative taxable value
at value
50%; usual selling price

42. Taxable personal property includes all property not expressly _
exempted
tangible or intangible
40
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

43. _ includes the discount rate - recapture rate - and the effective rate.
Rectangular survey; metes and bounds; platted or recorded subdivision
Capitalizaiton rate
Michigan Constitution
percent good

44. The three approaches to value
Form L-4154
Township Board; City Council
cost - sales comparison (market) - and income
potential gross income

45. Personal property forms must be approved by the _
replacement cost new; depreciation
transferability
General Land Office survey
State Tax Commission

46. In a township - the _ is the secretary of the Board of Review
Front foot
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
640 acres
supervisor

47. Tax day
General Land Office survey
typical farm buildings
utility - scarcity - desirability - transferability
December 31

48. _ are used to value income-producing residential property
gross rent multipliers
reproduction cost
local government unit
General Property Tax Act

49. Approved by voters in 1978
demand one
sales prices of other parcels similar to the property being appraised
Headlee Amendment
Michigan General Property Tax Act

50. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
Summation Method- Bank of Investment Method - and Market Comparison Method
Board of Review; Michigan Tax Tribunal
exempt
40