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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 March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
beginning value the following year
discount rate - recapture rate - effective tax rate
to hear appeals of the tentative taxable value
income / value

2. Special assessments must _ the properties in the district
40
potential gross income
Michigan Constitution
directly benefit

3. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
43 -560 square feet
income
power to tax - eminent domain - police power - escheat
$1 per acre

4. The formula for calculating income is _
$421 -052
rate x value
uniform rates
not standard depth

5. 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
discount rate - recapture rate - effective tax rate
are not
3/4 Proposal
specific tax

6. Net income is _ minus _
receives and reviews
potential income; vacancy - bad debt and operating expenses
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
3/4 Proposal

7. Notice of special assessment public hearings must be given to _
owners and interested parties of the property to be assessed
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
Form L-4025
never the land

8. Special assessments are not levied on all real and personal property that...
Form L-4260
43 -560 square feet
real and personal
benefits from the special assessment

9. Taxable unless specifically exempted
real and personal
northeast corner with section 1 and proceed west to section 6
market value; existing property
3/4 Proposal

10. _ soil is considered the most productive
Form L-4024
lots and blocks
Number 1
State Tax Commission

11. The government is authorized to levy taxes in the _
Michigan Constitution
Private Forest Reserve
taxes
Economic condition factor

12. 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
Board of Review; Michigan Tax Tribunal
sales comparison
County Board of Commissioners
lots and blocks

13. The value property has in a specific use
rate x value
Triangle computation of area
Divide the sales price by the gross rent
value in use

14. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
real property
Form L-4025
income
direct sales comparison

15. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
Form L-4260
State Tax Commission
physical - functional - and economic
Form L-4025

16. Initial survey point for Michigan at the intersection of two streets
exempt
February 20
Genesee County
The Land Residual

17. A consumer must want the product for it to have value
desirability
is
February 20
Form L-4046

18. Vacant land adjustments have to be made for differences in _
potential income; vacancy - bad debt and operating expenses
640 acres
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
43 -560 square feet

19. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
local government unit
Capitalizaiton rate
Headlee Amendment
property record cards and assessment maps

20. The first meeting of the BOR is held on the _
Tuesday following; first Monday in March
Number 1
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
potential income; vacancy - bad debt and operating expenses

21. The capitalization rate includes the _ - _ and the _
discount rate - recapture rate - effective tax rate
Township Board; City Council
adverse possession
rate x value

22. Personal property may be _
exterior
property record cards and assessment maps
tangible or intangible
first Monday in June

23. There are _ in a geographical township
Rectangular survey; metes and bounds; platted or recorded subdivision
36 sections
potential gross income
depreciation

24. Public rights-of-way are _
State Tax Commission
taxes
Replacement cost
exempt

25. 1 acre =
real and personal
43 -560 square feet
tangible or intangible
to hear appeals of the tentative taxable value

26. 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 _
desirability
market value; existing property
exterior
adverse possession

27. Leased property is...
sales comparison approach
Form L-4054
partial estate
receives and reviews

28. March Board of Review begins
exterior
Tuesday following First Monday
3/4 Proposal
March BOR

29. When measuring a house - you use _ measurements
utility - scarcity - desirability - transferability
Summation Method- Bank of Investment Method - and Market Comparison Method
exterior
Replacement cost

30. The return on the investment called in the capitalization rate is _
cost approach
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Form L-4260
Interest or discount

31. The definition of market value is _
Tuesday following; first Monday in March
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
northeast corner with section 1 and proceed west to section 6
The Land Residual

32. Length times the width
local government unit
Form L-4025
Rectangular computation of area
transferability

33. Enacted in 1893
Michigan General Property Tax Act
General Property Tax Act
receives and reviews
never the land

34. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
soil survey; land value
50%; usual selling price
February 20
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

35. It is necessary to have an evening meeting unless the residents...
fee simple
July and December BOR
# of acres times 43 -560 divided by known dimension
demand one

36. The income approach calculates the _ of a future income stream
exempted
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
present worth
demand one

37. IFT's affect only the building value...
sales prices of other parcels similar to the property being appraised
replacement cost new; depreciation
Township Board; City Council
never the land

38. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
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-4154
electors
utility - scarcity - desirability - transferability

39. Equity at the local level is the responsibility of the _
Front foot
are not
ground floor area
assessor and Board of Review

40. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
General Property Tax Act
market value; existing property
operating expenses
5 -280 lineal feet

41. The Board of Review was created by the _ of 1893
adverse possession
cost approach
General Property Tax Act
supervisor

42. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
Federal Northwest
present worth
replacement cost new; depreciation
exempted

43. In a cost approach program - the computer system should estimate _ less _
replacement cost new; depreciation
percent good
Headlee Amendment
3/4 Proposal

44. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
County multipliers
exterior
40
Cost Approach

45. _ is estimating the cost of an exact duplication of the building
fee simple - partial estate - and life estate
Reproduction cost
Tuesday following; first Monday in March
by contacting one of the parties to the transaction (buyer - seller - or realtor)

46. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
utility - scarcity - desirability - transferability
market comparison approach; cost approach
Genesee County
beginning value the following year

47. Unknown dimension formula
power to tax - eminent domain - police power - escheat
State Tax Commission
640 acres
# of acres times 43 -560 divided by known dimension

48. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
cost - sales comparison (market) - and income
March BOR
County Board of Commissioners
effective gross income

49. It (is not necessary to use __________ when valuing agricultural property.
supervisor
county multipliers
fee simple
not standard depth

50. A private claim describes property that was occupied prior to the _
market rent
General Land Office survey
transferability
owners and interested parties of the property to be assessed