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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 usual reference source regarding assessment and taxes
General Property Tax Act
effective gross income
potential gross income
March BOR

2. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
track land sales
typical farm buildings
market comparison approach; cost approach
640 acres

3. Not transfers of ownership
never the land
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
$421 -052
typical farm buildings

4. Special assessment districts are commonly used for _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
never depreciated
Front foot
present worth

5. The physical land and any structure attached to it
real estate
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
never the land
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

6. The most common types of ownership are _
Reproduction cost
fee simple - partial estate - and life estate
Divide the sales price by the gross rent
value in exchange

7. Computer assisted mass appraisal
CAMA
to hear appeals of the tentative taxable value
Form L-4054
exempted

8. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Form L-4022
Cost Approach
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
43 -560 square feet

9. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
Genesee County
the property owner or lessee - or the local government may begin the process of its own volition
operating expenses
expenses allowable

10. A consumer must want the product for it to have value
desirability
Divide the sales price by the gross rent
income / value
value in use

11. The BOR _ and _ the roll
July; July Board of Review
economic obsolescense
county multipliers
receives and reviews

12. Used to estimate the cost of constructing improvements to the land
direct sales comparison
cost approach
cost
State Tax Commission

13. _ soil is considered the most productive
Form L-4046
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
never the land
Number 1

14. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Form L-4023
cost
Form L-4154
estimate the assessment

15. A depth factor chart is used to adjust lots that are _
tangible or intangible
beginning value the following year
not standard depth
sales comparison

16. Enacted in 1893
never the land
value in use
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Michigan General Property Tax Act

17. If the interest rate is 5% - the effective tax rate is 2% - the recapture rate is 2.5% - and the income attributed to the building is $40 -000. The value of the building is _
cost
July; July Board of Review
$421 -052
replacement cost new; depreciation

18. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
median
October 31
December 31
beginning value the following year

19. Capped value is _

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20. The four basic steps in the sales comparison approach is _
County multipliers
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
the property owner or lessee - or the local government may begin the process of its own volition
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

21. Most taxpayers must appeal to the local _ before appealing to the _
supervisor
Board of Review; Michigan Tax Tribunal
value in use
fee simple - partial estate - and life estate

22. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
Tuesday following First Monday
real property
36 sections
February 20

23. March Board of Review begins
Tuesday following First Monday
May 1
exempt
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

24. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
February 20
branches
Federal Northwest
power to tax - eminent domain - police power - escheat

25. _ are those expenses necessary for generating income. This includes reserves for replacements - accounting fees - advertising costs - maintenance costs such as lawn care - snow removal - repairs - trash removal - utilities - and a maintenance manager
potential gross income
expenses allowable
exempt
State Tax Commission

26. Taxable unless specifically exempted
at value
5 -280 lineal feet
General Property Tax Act
real and personal

27. The income approach calculates the _ of a future income stream
present worth
43 -560 square feet
October 31
never the land

28. _ is a loss in value caused by factors outside the property
are not
economic obsolescense
transferability
October 31

29. Taxable personal property includes all property not expressly _
$1 per acre
real estate
effective gross income
exempted

30. The second meeting of the BOR is held to _
potential gross income
not standard depth
expenses not allowable
hear appeals from taxpayers or their agents

31. _ measures value in exchange; it is based on the principle of substitution
General Property Tax Act
branches
direct sales comparison
Board of Review; Michigan Tax Tribunal

32. The rights of ownership removed by government are _
State Tax Commission
power to tax - eminent domain - police power - escheat
value in use
gross rent multipliers

33. The formula for calculating rate is _
income / value
Michigan Constitution
replacement cost
demand one

34. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
lots and blocks
effective gross income
branches
Form L-4046

35. In a cost approach program - the computer system should estimate _ less _
Replacement cost
replacement cost new; depreciation
directly benefit
Tuesday following First Monday

36. Compares the property beign appraised to similar properties that have recently sold
sales comparison approach
Form L-4023
Genesee County
estimate the assessment

37. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
Divide the sales price by the gross rent
income / value
Cost Approach
40

38. The _ must approve the application for an IFT before the State Tax Commission approves the application
July and December BOR
demand one
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
local government unit

39. The capitalization rate includes the _ - _ and the _
Income / rate
discount rate - recapture rate - effective tax rate
Tuesday following Third Monday
northeast corner with section 1 and proceed west to section 6

40. The discount rate may be developed by the following:
potential income; vacancy - bad debt and operating expenses
Federal Northwest
Summation Method- Bank of Investment Method - and Market Comparison Method
reproduction cost

41. 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 _
northeast corner with section 1 and proceed west to section 6
partial estate
expenses allowable
adverse possession

42. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
February 20
expenses allowable
Form L-4154
Private Forest Reserve

43. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
Site/location
Form L-4024
real estate
July; July Board of Review

44. Net income is _ minus _
life estate
real estate
Tuesday following Third Monday
potential income; vacancy - bad debt and operating expenses

45. Requires that the ratio of assessments to true cash value not exceed 50%
Tuesday following; first Monday in March
40
GRM X MARKET RENT = MARKET VALUE
Michigan Constitution

46. Who may ask for establishment of an industrial facility tax exemption district?
transferability
County multipliers
the property owner or lessee - or the local government may begin the process of its own volition
income

47. One use of land value maps is to _
soil survey; land value
track land sales
Form L-4024
income

48. Equity within the county is the responsibility of the _
Site/location
exempted
soil survey; land value
County Board of Commissioners

49. The Tuesday following the third Monday in _ is the _ meeting.
value in use
July; July Board of Review
is
never the land

50. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
expenses not allowable
Private Forest Reserve
are not
GRM X MARKET RENT = MARKET VALUE