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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 definition of the economic principle of highest and best use is _
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
640 acres
never depreciated
Income / rate

2. The _ determines the size for rates
value in use
CAMA
ground floor area
exempt

3. 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
adverse possession
Industrial Facility Tax Abatement
sales comparison approach
specific tax

4. A depth factor chart is used to adjust lots that are _
not standard depth
Number 1
property record cards and assessment maps
State Tax Commission

5. Cost to construct an exact duplicate of the subject
Private Forest Reserve
Board of Review; Michigan Tax Tribunal
present worth
reproduction cost

6. _ is estimating the cost of a building of similar design and utility
real estate
median
December 31
Replacement cost

7. A platted subdivision is described by _
Income / rate
Form L-4054
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
lots and blocks

8. The formula for calculating tax bills is _
exempted
Taxable Value x Millage Rate = Tax Bill
Federal Northwest
Form L-4046

9. The discount rate may be developed by the following:
net income
General Land Office survey
market rent
Summation Method- Bank of Investment Method - and Market Comparison Method

10. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
direct sales comparison
Form L-4054
not standard depth
rate x value

11. 16 1/2 feet =
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
$1 per acre
expenses not allowable
1 rod

12. It (is not necessary to use __________ when valuing agricultural property.
cost approach
direct sales comparison
county multipliers
Circle computation of area

13. A consumer must want the product for it to have value
County multipliers
sales comparison approach
desirability
assessor and Board of Review

14. Taxable personal property includes all property not expressly _
a plus adjustemnt for the fireplace to the comp
50%; usual selling price
exempted
discount rate - recapture rate - effective tax rate

15. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
General Property Tax Act
income
reproduction cost
median

16. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
market comparison approach; cost approach
43 -560 square feet
July and December BOR
State Tax Commission

17. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
rate x value
Tuesday following the second
value in exchange
Form L-4022

18. Sections in a township start _
March BOR
specific tax
October 31
northeast corner with section 1 and proceed west to section 6

19. 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 _
50%; usual selling price
# of acres times 43 -560 divided by known dimension
reproduction cost
owners and interested parties of the property to be assessed

20. The formula for using a gross rent multiplier to determine market value is _
electors
GRM X MARKET RENT = MARKET VALUE
The Land Residual
gross rent multipliers

21. Economic condition factors (are/are not) applied to land and buildings
3/4 Proposal
are not
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
benefits from the special assessment

22. Equity within the county is the responsibility of the _
transferability
County Board of Commissioners
43 -560 square feet
Tuesday following Third Monday

23. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Form L-4260
County Board of Commissioners
tangible or intangible
at value

24. Members of the Board of Review must be _ of the township
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
is
CAMA
electors

25. _ is estimating the cost of an exact duplication of the building
Reproduction cost
sales comparison approach
Industrial Facility Tax Abatement
sales prices of other parcels similar to the property being appraised

26. 1 mile =
5 -280 lineal feet
the property owner or lessee - or the local government may begin the process of its own volition
are not
reducing

27. 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
exempt
State Tax Commission
sales comparison

28. In a residential neighborhood - the measurement usually used in developing cost is _
Capitalizaiton rate
Front foot
real and personal
gross rent multipliers

29. If a business fails to file a personal property statement - the assessor shall _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
estimate the assessment
Summation Method- Bank of Investment Method - and Market Comparison Method
General Property Tax Act

30. The right to use - occupy - and control a property for the length of the lessee's life
value in exchange
The Land Residual
Michigan Constitution
life estate

31. The market rent times the number of units availabe to rent is _
effective gross income
potential gross income
Tuesday following First Monday
northeast corner with section 1 and proceed west to section 6

32. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
12
supervisor
real property
typical farm buildings

33. The government is authorized to levy taxes in the _
Capitalizaiton rate
contract 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
Michigan Constitution

34. The value property has in a specific use
uniform rates
value in use
July; July Board of Review
exempt

35. is the rent a property could command on the open market
never depreciated
CAMA
General Property Tax Act
market rent

36. When appraising a commercial building - you should remember that unlike building - land is...
never the land
electors
never depreciated
Form L-4023

37. _ measures value in exchange; it is based on the principle of substitution
receives and reviews
direct sales comparison
Industrial Facility Tax Abatement
potential gross income

38. Pole barns - silos - and large grain bins are considered _
rate x value
typical farm buildings
value in exchange
Economic condition factor

39. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
operating expenses
reproduction cost
ground floor area
gross rent multipliers

40. Depreciation in the assessing process is expressed as a _
percent good
agricultural personal property; exempt
Income / rate
benefits from the special assessment

41. The three principal steps in the cost approach are _
March 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
soil survey; land value
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

42. Equity at the local level is the responsibility of the _
Cost Approach
depreciation
assessor and Board of Review
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

43. The Board of Review was created by the _ of 1893
by contacting one of the parties to the transaction (buyer - seller - or realtor)
$421 -052
exempt
General Property Tax Act

44. Approved by voters in 1978
Headlee Amendment
Rectangular survey; metes and bounds; platted or recorded subdivision
State Tax Commission
sales prices of other parcels similar to the property being appraised

45. Deadline for filing personal property statements
tangible or intangible
February 20
adverse possession
cost approach

46. The formula for calculating value is _
Income / rate
expenses not allowable
Taxable Value x Millage Rate = Tax Bill
Reproduction cost

47. Methods used to describe property in Michigan
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
Rectangular survey; metes and bounds; platted or recorded subdivision
May 1
Rectangular computation of area

48. All meetings of the BOR are governed by the _
potential gross income
Tuesday following; first Monday in March
Form L-4023
Open Meetings Act

49. The BOR _ and _ the roll
receives and reviews
1 rod
exempted
agricultural personal property; exempt

50. The four basic steps in the sales comparison approach is _
electors
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
market value; existing property
Federal Northwest