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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. Personal property may be _
Form L-4154
Form L-4260
determining the primary use of the property; in this case probably agricultural or residential
tangible or intangible

2. Length times the width
Interest or discount
Rectangular computation of area
taxation - eminent domain - and police powers
physical - functional - and economic

3. Cost to construct an exact duplicate of the subject
local government unit
Form L-4022
reproduction cost
Summation Method- Bank of Investment Method - and Market Comparison Method

4. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
the property owner or lessee - or the local government may begin the process of its own volition
not standard depth
Form L-4046

5. Methods used to describe property in Michigan
median
Rectangular survey; metes and bounds; platted or recorded subdivision
cost approach
real and personal

6. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
demand one
Number 1
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
income

7. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
first Monday in June
County multipliers
cost approach

8. Members of the Board of Review must be _ of the township
present worth
1 rod
Cost Approach
electors

9. If a business fails to file a personal property statement - the assessor shall _
estimate the assessment
Form L-4025
July; July Board of Review
taxes

10. Who may ask for establishment of an industrial facility tax exemption district?
the property owner or lessee - or the local government may begin the process of its own volition
direct sales comparison
Income / rate
Federal Northwest

11. Economic condition factors (are/are not) applied to land and buildings
are not
rate x value
640 acres
Reproduction cost

12. The highest degree of ownership
Tuesday following First Monday
General Property Tax Act
fee simple
fee simple - partial estate - and life estate

13. The most common types of ownership are _
fee simple - partial estate - and life estate
sales comparison approach
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
Cost Approach

14. Cost to construct improvement with the same functional utility of the subject
replacement cost
rate x value
Economic condition factor
power to tax - eminent domain - police power - escheat

15. There are _ in a geographical township
36 sections
typical farm buildings
receives and reviews
County multipliers

16. The return on the investment called in the capitalization rate is _
Form L-4023
$1 per acre
expenses allowable
Interest or discount

17. 16 1/2 feet =
1 rod
physical - functional - and economic
Michigan General Property Tax Act
supervisor

18. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
12
income
ground floor area
Form L-4022

19. Notices of the decisions of the BOR must be mailed by the _
Economic condition factor
exterior
value in exchange
first Monday in June

20. Market value of property is _
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
net income
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
income / value

21. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
fee simple
5 -280 lineal feet
October 31
market comparison approach; cost approach

22. Tax day
Form L-4054
May 1
December 31
never the land

23. Leased property is...
partial estate
Tuesday following; first Monday in March
are not
Form L-4260

24. The four basic steps in the sales comparison approach is _
State Tax Commission
replacement 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
partial estate

25. Special assessments must _ the properties in the district
640 acres
February 20
fee simple - partial estate - and life estate
directly benefit

26. Enacted in 1893
Michigan General Property Tax Act
February 20
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
Income / rate

27. Personal property statemetns are due on _
Federal Northwest
power to tax - eminent domain - police power - escheat
property record cards and assessment maps
February 20

28. Personal property forms must be approved by the _
Rectangular computation of area
State Tax Commission
43 -560 square feet
Cost Approach

29. _ is a loss of utility and therefore of value from any cause
demand one
lots and blocks
depreciation
February 20

30. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
May 1
Federal Northwest
March BOR
Tuesday following; first Monday in March

31. The physical land and any structure attached to it
real estate
Economic condition factor
income
tangible or intangible

32. _ is the rent actually received for a property
a plus adjustemnt for the fireplace to the comp
County Board of Commissioners
contract rent
State Tax Commission

33. Used to estimate the cost of constructing improvements to the land
cost approach
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
February 20
are not

34. Definition of ad valorem
desirability
at value
36 sections
5 -280 lineal feet

35. A private claim describes property that was occupied prior to the _
General Land Office survey
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
sales prices of other parcels similar to the property being appraised
Tuesday following Third Monday

36. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
electors
not standard depth
Private Forest Reserve
transferability

37. _ is used to adjust the cosst approach to market value for residential properties
Open Meetings Act
sales prices of other parcels similar to the property being appraised
directly benefit
Economic condition factor

38. IFT certificates are granted for _ years with a possible 2-year construction period
ground floor area
Economic condition factor
12
Income / rate

39. Monday December Board of Review begins
present worth
General Property Tax Act
the property owner or lessee - or the local government may begin the process of its own volition
Tuesday following the second

40. The _ determines the size for rates
Triangle computation of area
gross rent multipliers
real estate
ground floor area

41. To calculate a gross rent multiplier - _
July and December BOR
Divide the sales price by the gross rent
income / value
Economic condition factor

42. _ is a loss in value caused by factors outside the property
Rectangular survey; metes and bounds; platted or recorded subdivision
State Tax Commission
economic obsolescense
cost - sales comparison (market) - and income

43. The discount rate may be developed by the following:
Site/location
Summation Method- Bank of Investment Method - and Market Comparison Method
Form L-4022
1 rod

44. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
December 31
northeast corner with section 1 and proceed west to section 6
Form L-4260
Economic condition factor

45. Requires that the ratio of assessments to true cash value not exceed 50%
supervisor
market value; existing property
Michigan Constitution
present worth

46. A consumer must be able to purchasee the property
potential gross income
cost approach
power to tax - eminent domain - police power - escheat
transferability

47. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
replacement cost
real property
Form L-4023
Federal Northwest

48. The value of vacant land is estimated using _
market rent
real property
real and personal
sales prices of other parcels similar to the property being appraised

49. The formula for calculating tax bills is _
February 20
local government unit
beginning value the following year
Taxable Value x Millage Rate = Tax Bill

50. Capped value is _