Test your basic knowledge |

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. It (is not necessary to use __________ when valuing agricultural property.
36 sections
Board of Review; Michigan Tax Tribunal
640 acres
county multipliers

2. Equity at the local level is the responsibility of the _
value in exchange
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
assessor and Board of Review
present worth

3. There are _ in a geographical township
life estate
36 sections
Form L-4023
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

4. IFT certificates are granted for _ years with a possible 2-year construction period
sales comparison approach
value in use
real property
12

5. _ was designed to provide for the exemption from certain taxes; to levy and collect a specific tax from the owners of properties so exempted; and to provide for the transfer of the exemption certificates; also prescribes the power and dute of the STC
not standard depth
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
market rent
adverse possession

6. Sections in a township start _
Federal Northwest
ground floor area
property record cards and assessment maps
northeast corner with section 1 and proceed west to section 6

7. Deadline for filing Principal Residence Affidavits
adverse possession
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
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
May 1

8. 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
General Property Tax Act
Divide the sales price by the gross rent
exterior
sales comparison

9. The government retains the following powers
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Form L-4154
taxation - eminent domain - and police powers
Tuesday following First Monday

10. _ is the rent actually received for a property
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
Form L-4046
contract rent
fee simple - partial estate - and life estate

11. _ is used to adjust the cosst approach to market value for residential properties
Summation Method- Bank of Investment Method - and Market Comparison Method
potential income; vacancy - bad debt and operating expenses
Replacement cost
Economic condition factor

12. The value property has in a specific use
value in use
March BOR
true cash value
reproduction cost

13. A depth factor chart is used to adjust lots that are _
Michigan General Property Tax Act
not standard depth
Tuesday following Third Monday
utility - scarcity - desirability - transferability

14. The formula for calculating rate is _
ground floor area
Michigan General Property Tax Act
February 20
income / value

15. Length times the width
Rectangular computation of area
income / value
Reproduction cost
rate x value

16. Computer assisted mass appraisal
Michigan Constitution
economic obsolescense
Income / rate
CAMA

17. The BOR _ and _ the roll
market rent
Divide the sales price by the gross rent
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
receives and reviews

18. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
1 rod
transferability
Form L-4260
Industrial Facility Tax Abatement

19. You verify a sale _
assessor and Board of Review
by contacting one of the parties to the transaction (buyer - seller - or realtor)
supervisor
effective gross income

20. Members of the Board of Review must be _ of the township
43 -560 square feet
Township Board; City Council
branches
electors

21. A private claim describes property that was occupied prior to the _
5 -280 lineal feet
adverse possession
General Land Office survey
October 31

22. A consumer must want the product for it to have value
March BOR
never depreciated
CAMA
desirability

23. is the rent a property could command on the open market
State Tax Commission
Capitalizaiton rate
effective gross income
market rent

24. The Tuesday following the third Monday in _ is the _ meeting.
gross rent multipliers
hear appeals from taxpayers or their agents
40
July; July Board of Review

25. 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.
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
power to tax - eminent domain - police power - escheat
3/4 Proposal
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

26. IFT's affect only the building value...
Form L-4260
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
never the land
50%; usual selling price

27. In a cost approach program - the computer system should estimate _ less _
utility - scarcity - desirability - transferability
Capitalizaiton rate
the property owner or lessee - or the local government may begin the process of its own volition
replacement cost new; depreciation

28. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Taxable Value x Millage Rate = Tax Bill
Township Board; City Council
typical farm buildings
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

29. 1 mile =
12
Form L-4260
5 -280 lineal feet
beginning value the following year

30. July Board of Review begins
Tuesday following Third Monday
soil survey; land value
reproduction cost
October 31

31. Churches - schools - libraries and similar institutions are usually...
physical - functional - and economic
exempt
never depreciated
to hear appeals of the tentative taxable value

32. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
March BOR
real property
potential income; vacancy - bad debt and operating expenses
contract rent

33. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
branches
Tuesday following First Monday
Form L-4025
Rectangular computation of area

34. The formula for calculating income is _
rate x value
real and personal
The Land Residual
gross rent multipliers

35. Management costs in timber-cutover include _ which are usually the largest expense in this classification
direct sales comparison
Township Board; City Council
State Tax Commission
taxes

36. 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?
a plus adjustemnt for the fireplace to the comp
sales prices of other parcels similar to the property being appraised
$421 -052
Rectangular computation of area

37. Deadline for filing personal property statements
February 20
Interest or discount
reproduction cost
value in use

38. Taxable personal property includes all property not expressly _
12
value in use
March BOR
exempted

39. Taxable unless specifically exempted
real and personal
cost
Genesee County
true cash value

40. The income approach calculates the _ of a future income stream
exempt
present worth
General Property Tax Act
power to tax - eminent domain - police power - escheat

41. Special assessment districts are commonly used for _
are
demand one
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Michigan General Property Tax Act

42. When appraising a commercial building - you should remember that unlike building - land is...
never depreciated
Form L-4046
Tuesday following; first Monday in March
Private Forest Reserve

43. If a business fails to file a personal property statement - the assessor shall _
to hear appeals of the tentative taxable value
estimate the assessment
Michigan General Property Tax Act
uniform rates

44. Market value of property is _
never depreciated
county multipliers
May 1
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

45. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
assessor and Board of Review
Form L-4023
potential gross income
typical farm buildings

46. Cost to construct an exact duplicate of the subject
Tuesday following; first Monday in March
reproduction cost
Interest or discount
Capitalizaiton rate

47. Radius squared times Pi (3.1416)
branches
Circle computation of area
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
economic obsolescense

48. A platted subdivision is described by _
February 20
State Tax Commission
lots and blocks
real estate

49. The highest degree of ownership
replacement cost new; depreciation
adverse possession
sales prices of other parcels similar to the property being appraised
fee simple

50. Proposal A had the immediate result of _ property taxes in the state
reducing
Genesee County
Township Board; City Council
economic obsolescense