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. _ 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.
branches
40
demand one
expenses not allowable

2. The formula for calculating income is _
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Form L-4054
rate x value
exempt

3. The three categories of depreciation are _
median
partial estate
General Property Tax Act
physical - functional - and economic

4. Leased property is...
Number 1
Site/location
partial estate
income / value

5. There are _ in a section
Michigan General Property Tax Act
640 acres
CAMA
$1 per acre

6. Initial survey point for Michigan at the intersection of two streets
exempt
Genesee County
Triangle computation of area
Form L-4022

7. Unknown dimension formula
uniform rates
Reproduction cost
supervisor
# of acres times 43 -560 divided by known dimension

8. Formula used to calculate taxes is _
Taxable Value X Millage Rate
Form L-4154
is
# of acres times 43 -560 divided by known dimension

9. is the rent a property could command on the open market
market rent
uniform rates
income / value
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

10. The formula for calculating rate is _
# of acres times 43 -560 divided by known dimension
never depreciated
Form L-4025
income / value

11. True cash value is _
Site/location
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-4022
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

12. Vacant land adjustments have to be made for differences in _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
supervisor
branches
July and December BOR

13. Half the base times the height
Interest or discount
a plus adjustemnt for the fireplace to the comp
Michigan General Property Tax Act
Triangle computation of area

14. The BOR _ and _ the roll
utility - scarcity - desirability - transferability
receives and reviews
market rent
The Land Residual

15. CAMA system should estimate replacement cost new less depreciation in the _ approach
rate x value
cost
income / value
Interest or discount

16. All meetings of the BOR are governed by the _
Open Meetings Act
economic obsolescense
local government unit
Form L-4024

17. The physical land and any structure attached to it
real estate
real and personal
specific tax
Form L-4260

18. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
soil survey; land value
electors
Front foot
40

19. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
CAMA
1 rod
Form L-4154
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

20. Requires that the ratio of assessments to true cash value not exceed 50%
effective gross income
Michigan Constitution
5 -280 lineal feet
Interest or discount

21. A depth factor chart is used to adjust lots that are _
Headlee Amendment
benefits from the special assessment
General Property Tax Act
not standard depth

22. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
agricultural personal property; exempt
50%; usual selling price
county multipliers

23. _ is a loss in value caused by factors outside the property
State Tax Commission
economic obsolescense
owners and interested parties of the property to be assessed
real estate

24. When appraising a commercial building - you should remember that unlike building - land is...
true cash value
never depreciated
Rectangular survey; metes and bounds; platted or recorded subdivision
36 sections

25. The formula for calculating tax bills is _
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Form L-4022
Taxable Value x Millage Rate = Tax Bill
effective gross income

26. Computer assisted mass appraisal
sales comparison approach
CAMA
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
Replacement cost

27. In a residential neighborhood - the measurement usually used in developing cost is _
replacement cost
Form L-4025
Front foot
Tuesday following Third Monday

28. _ is the rent actually received for a property
true cash value
contract rent
Divide the sales price by the gross rent
percent good

29. 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 _
March BOR
adverse possession
a plus adjustemnt for the fireplace to the comp
sales comparison approach

30. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
to hear appeals of the tentative taxable value
is
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Taxable Value X Millage Rate

31. The three principal steps in the cost approach are _
income / value
depreciation
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
exempted

32. Length times the width
Board of Review; Michigan Tax Tribunal
640 acres
cost approach
Rectangular computation of area

33. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
branches
sales comparison
market comparison approach; cost approach

34. Michigan's Constitution uses _ to determine assessments
October 31
true cash value
local government unit
GRM X MARKET RENT = MARKET VALUE

35. Notices of the decisions of the BOR must be mailed by the _
typical farm buildings
at value
first Monday in June
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

36. In July and December - the BOR may meet to _
Private Forest Reserve
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
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
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

37. A private claim describes property that was occupied prior to the _
supervisor
Form L-4025
specific tax
General Land Office survey

38. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
Divide the sales price by the gross rent
exempted
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Site/location

39. Equity at the local level is the responsibility of the _
assessor and Board of Review
sales prices of other parcels similar to the property being appraised
State Tax Commission
Form L-4046

40. The General Property Tax Law states that agricultural operations means farming in all its _
Circle computation of area
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
branches
are not

41. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
life estate
operating expenses
Divide the sales price by the gross rent
supervisor

42. The highest degree of ownership
Form L-4260
fee simple
income
benefits from the special assessment

43. One use of land value maps is to _
Summation Method- Bank of Investment Method - and Market Comparison Method
receives and reviews
track land sales
owners and interested parties of the property to be assessed

44. Methods used to describe property in Michigan
discount rate - recapture rate - effective tax rate
hear appeals from taxpayers or their agents
Rectangular survey; metes and bounds; platted or recorded subdivision
CAMA

45. Special assessments are not levied on all real and personal property that...
Replacement cost
Form L-4022
benefits from the special assessment
first Monday in June

46. Buildings on leased lands _ personal property
to hear appeals of the tentative taxable value
exempt
are
by contacting one of the parties to the transaction (buyer - seller - or realtor)

47. Churches - schools - libraries and similar institutions are usually...
present worth
Private Forest Reserve
market value; existing property
exempt

48. July Board of Review begins
rate x value
Tuesday following Third Monday
Reproduction cost
Form L-4023

49. Members of the Board of Review must be _ of the township
Rectangular survey; metes and bounds; platted or recorded subdivision
Site/location
market value; existing property
electors

50. Personal property statemetns are due on _
43 -560 square feet
desirability
February 20
October 31