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Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
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Study First
Subject
:
certifications
Instructions:
Answer 50 questions in 15 minutes.
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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. Monday December Board of Review begins
Taxable Value x Millage Rate = Tax Bill
Open Meetings Act
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
Tuesday following the second
2. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
discount rate - recapture rate - effective tax rate
Rectangular survey; metes and bounds; platted or recorded subdivision
Private Forest Reserve
median
3. Special assessment districts are commonly used for _
a plus adjustemnt for the fireplace to the comp
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
February 20
Interest or discount
4. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
The Land Residual
direct sales comparison
replacement cost new; depreciation
reducing
5. IFT certificates are granted for _ years with a possible 2-year construction period
Summation Method- Bank of Investment Method - and Market Comparison Method
12
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
County multipliers
6. May change assessment for current year
is
directly benefit
March BOR
a plus adjustemnt for the fireplace to the comp
7. Cost to construct an exact duplicate of the subject
reproduction cost
desirability
county multipliers
true cash value
8. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
discount rate - recapture rate - effective tax rate
cost approach
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
market comparison approach; cost approach
9. 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
real and personal
sales comparison
value in exchange
36 sections
10. A depth factor chart is used to adjust lots that are _
are
CAMA
not standard depth
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
11. Tax day
July; July Board of Review
December 31
Tuesday following First Monday
directly benefit
12. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
Form L-4054
receives and reviews
soil survey; land value
hear appeals from taxpayers or their agents
13. A platted subdivision is described by _
reproduction cost
lots and blocks
Michigan Constitution
local government unit
14. Cost to construct improvement with the same functional utility of the subject
depreciation
effective gross income
replacement cost
GRM X MARKET RENT = MARKET VALUE
15. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
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 and personal
$1 per acre
cost - sales comparison (market) - and income
16. Depreciation in the assessing process is expressed as a _
property record cards and assessment maps
County Board of Commissioners
percent good
March BOR
17. 1 mile =
5 -280 lineal feet
Michigan General Property Tax Act
Triangle computation of area
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
18. The government retains the following powers
tangible or intangible
taxation - eminent domain - and police powers
Tuesday following the second
discount rate - recapture rate - effective tax rate
19. Deadline for filing personal property statements
February 20
1 rod
Form L-4022
net income
20. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
Michigan Constitution
specific tax
County multipliers
property record cards and assessment maps
21. _ are expenses that may be part of the capitalization rate such as depreciation and property taxes or capital improvement expenses and the owner's costs and corporation costs; also not income taxes.
$1 per acre
direct sales comparison
are not
expenses not allowable
22. The formula for calculating tax bills is _
Taxable Value x Millage Rate = Tax Bill
Tuesday following the second
February 20
Tuesday following; first Monday in March
23. 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?
desirability
cost
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
a plus adjustemnt for the fireplace to the comp
24. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Form L-4260
Form L-4023
Genesee County
Number 1
25. Special assessments must _ the properties in the district
exempted
Genesee County
directly benefit
income
26. In a cost approach program - the computer system should estimate _ less _
Form L-4154
potential income; vacancy - bad debt and operating expenses
replacement cost new; depreciation
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
27. A consumer must be able to purchasee the property
transferability
power to tax - eminent domain - police power - escheat
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
by contacting one of the parties to the transaction (buyer - seller - or realtor)
28. Churches - schools - libraries and similar institutions are usually...
County Board of Commissioners
value in use
exempt
May 1
29. The formula for using a gross rent multiplier to determine market value is _
Form L-4023
replacement cost new; depreciation
GRM X MARKET RENT = MARKET VALUE
Open Meetings Act
30. Net income is _ minus _
income / value
640 acres
potential income; vacancy - bad debt and operating expenses
General Property Tax Act
31. Capped value is _
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32. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
percent good
October 31
General Land Office survey
market rent
33. Half the base times the height
potential income; vacancy - bad debt and operating expenses
Triangle computation of area
assessor and Board of Review
to hear appeals of the tentative taxable value
34. The physical land and any structure attached to it
physical - functional - and economic
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
3/4 Proposal
real estate
35. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
3/4 Proposal
are not
exempt
October 31
36. There are _ in a section
640 acres
sales comparison
GRM X MARKET RENT = MARKET VALUE
northeast corner with section 1 and proceed west to section 6
37. 16 1/2 feet =
50%; usual selling price
rate x value
Form L-4025
1 rod
38. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
Private Forest Reserve
economic obsolescense
Number 1
Federal Northwest
39. The four basic steps in the sales comparison approach is _
Michigan Constitution
transferability
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
40. Inventory (is/is not) exempt
income
never the land
is
market value; existing property
41. Public rights-of-way are _
March BOR
GRM X MARKET RENT = MARKET VALUE
exempt
percent good
42. The three approaches to value
February 20
first Monday in June
cost - sales comparison (market) - and income
February 20
43. True cash value is _
Taxable Value x Millage Rate = Tax Bill
expenses not allowable
Industrial Facility Tax Abatement
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
44. The market rent times the number of units availabe to rent is _
Cost Approach
potential gross income
reducing
Industrial Facility Tax Abatement
45. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
General Property Tax Act
reducing
life estate
to hear appeals of the tentative taxable value
46. The _ determines the size for rates
reproduction cost
ground floor area
CAMA
March BOR
47. _ is the rent actually received for a property
contract rent
never the land
Open Meetings Act
demand one
48. You verify a sale _
electors
$1 per acre
by contacting one of the parties to the transaction (buyer - seller - or realtor)
cost
49. A limits the maximum amount of ad valorem taxes that may be levied for school district operating purposes. The change this maximum requires a vote of _ of the legislature to approve.
3/4 Proposal
County Board of Commissioners
Tuesday following the second
October 31
50. Radius squared times Pi (3.1416)
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
expenses allowable
$1 per acre
Circle computation of area
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