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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. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
Headlee Amendment
Federal Northwest
Form L-4260
real and personal

2. 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
market rent
sales comparison
gross rent multipliers
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

3. Equity at the local level is the responsibility of the _
county multipliers
Michigan Constitution
Township Board; City Council
assessor and Board of Review

4. When appraising a commercial building - you should remember that unlike building - land is...
Tuesday following First Monday
Industrial Facility Tax Abatement
never depreciated
county multipliers

5. Management costs in timber-cutover include _ which are usually the largest expense in this classification
desirability
taxes
assessor and Board of Review
Tuesday following; first Monday in March

6. A depth factor chart is used to adjust lots that are _
northeast corner with section 1 and proceed west to section 6
expenses allowable
value in use
not standard depth

7. 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 _
real property
February 20
50%; usual selling price
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

8. The General Property Tax Law states that agricultural operations means farming in all its _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
branches
Tuesday following the second
May 1

9. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
February 20
real property
Form L-4022
adverse possession

10. The difference between commercial and industrial property is _
first Monday in June
December 31
Interest or discount
Industrial Facility Tax Abatement

11. The government retains the following powers
soil survey; land value
taxation - eminent domain - and police powers
Summation Method- Bank of Investment Method - and Market Comparison Method
are not

12. Cost to construct an exact duplicate of the subject
reproduction cost
exterior
income / value
assessor and Board of Review

13. In a cost approach program - the computer system should estimate _ less _
adverse possession
supervisor
are
replacement cost new; depreciation

14. The formula for calculating rate is _
potential income; vacancy - bad debt and operating expenses
income / value
$421 -052
depreciation

15. Public rights-of-way are _
Form L-4054
exempt
General Property Tax Act
are

16. In a township - the _ is the secretary of the Board of Review
physical - functional - and economic
supervisor
demand one
estimate the assessment

17. _ is the rent actually received for a property
owners and interested parties of the property to be assessed
receives and reviews
contract rent
specific tax

18. March Board of Review begins
Form L-4054
Board of Review; Michigan Tax Tribunal
Capitalizaiton rate
Tuesday following First Monday

19. True cash value is _
43 -560 square feet
track land sales
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
first Monday in June

20. The four basic steps in the sales comparison approach is _
replacement cost new; depreciation
economic obsolescense
ground floor area
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. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
The Land Residual
local government unit
Headlee Amendment
by contacting one of the parties to the transaction (buyer - seller - or realtor)

22. The discount rate may be developed by the following:
branches
life estate
Summation Method- Bank of Investment Method - and Market Comparison Method
median

23. _ are used to value income-producing residential property
gross rent multipliers
43 -560 square feet
to hear appeals of the tentative taxable value
sales comparison approach

24. IFT certificates are granted for _ years with a possible 2-year construction period
beginning value the following year
Summation Method- Bank of Investment Method - and Market Comparison Method
property record cards and assessment maps
12

25. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
are not
expenses allowable
income
assessor and Board of Review

26. Churches - schools - libraries and similar institutions are usually...
cost approach
life estate
May 1
exempt

27. Used to estimate the cost of constructing improvements to the land
cost approach
operating expenses
Michigan General Property Tax Act
Capitalizaiton rate

28. Taxable unless specifically exempted
real and personal
Economic condition factor
transferability
Federal Northwest

29. Value is determined by _
3/4 Proposal
utility - scarcity - desirability - transferability
Replacement cost
Tuesday following the second

30. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
typical farm buildings
determining the primary use of the property; in this case probably agricultural or residential
to hear appeals of the tentative taxable value
lots and blocks

31. The capitalization rate includes the _ - _ and the _
Rectangular survey; metes and bounds; platted or recorded subdivision
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
specific tax
discount rate - recapture rate - effective tax rate

32. The formula for calculating income is _
County multipliers
rate x value
supervisor
potential gross income

33. _ is estimating the cost of an exact duplication of the building
Industrial Facility Tax Abatement
rate x value
sales comparison
Reproduction cost

34. Length times the width
Board of Review; Michigan Tax Tribunal
Rectangular computation of area
track land sales
income

35. _ is a loss in value caused by factors outside the property
Form L-4022
electors
economic obsolescense
ground floor area

36. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
State Tax Commission
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
receives and reviews
$1 per acre

37. If a business fails to file a personal property statement - the assessor shall _
economic obsolescense
Form L-4154
northeast corner with section 1 and proceed west to section 6
estimate the assessment

38. Notices of the decisions of the BOR must be mailed by the _
discount rate - recapture rate - effective tax rate
real property
expenses allowable
first Monday in June

39. The _ to value is best used for mass appraisals being done by the assessor.
Cost Approach
General Property Tax Act
12
property record cards and assessment maps

40. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
county multipliers
Private Forest Reserve
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
value in exchange

41. Half the base times the height
Triangle computation of area
supervisor
typical farm buildings
expenses allowable

42. 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
specific tax
December 31
General Land Office survey
never the land

43. When measuring a house - you use _ measurements
exterior
by contacting one of the parties to the transaction (buyer - seller - or realtor)
General Land Office survey
The Land Residual

44. Michigan's Constitution provides for _ of taxation
Site/location
General Property Tax Act
Tuesday following Third Monday
uniform rates

45. Methods used to describe property in Michigan
percent good
Taxable Value x Millage Rate = Tax Bill
Rectangular survey; metes and bounds; platted or recorded subdivision
value in use

46. _ is estimating the cost of a building of similar design and utility
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
Replacement cost
Divide the sales price by the gross rent
direct sales comparison

47. The physical land and any structure attached to it
State Tax Commission
are not
real estate
February 20

48. Not transfers of ownership
to hear appeals of the tentative taxable value
cost
at value
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

49. A consumer must be able to purchasee the property
transferability
median
branches
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions

50. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Form L-4023
Open Meetings Act
Form L-4024
property record cards and assessment maps