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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 Commercial Forest Act permits an owner to put property into a program that permits payment of a _ in lieu of the ad valorem rates
Form L-4046
potential gross income
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
specific tax

2. _ is estimating the cost of an exact duplication of the building
50%; usual selling price
Reproduction cost
CAMA
cost - sales comparison (market) - and income

3. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
ground floor area
are not
Form L-4260
supervisor

4. There are _ in a geographical township
value in use
36 sections
real estate
contract rent

5. The physical land and any structure attached to it
Taxable Value X Millage Rate
Michigan General Property Tax Act
real estate
sales comparison

6. The first meeting of the BOR is held on the _
Tuesday following; first Monday in March
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
Private Forest Reserve
operating expenses

7. Used to value the income stream of a property
income approach
median
desirability
determining the primary use of the property; in this case probably agricultural or residential

8. _ is the rent actually received for a property
taxes
contract rent
specific tax
typical farm buildings

9. _ 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.
October 31
1 rod
expenses not allowable
replacement cost

10. The right to use - occupy - and control a property for the length of the lessee's life
life estate
economic obsolescense
soil survey; land value
electors

11. 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
expenses allowable
sales comparison
track land sales
Circle computation of area

12. Computer assisted mass appraisal
Site/location
hear appeals from taxpayers or their agents
CAMA
Rectangular computation of area

13. A limits the maximum amount of ad valorem taxes that may be levied for school district operating purposes. The change this maximum requires a vote of _ of the legislature to approve.
Economic condition factor
branches
3/4 Proposal
Tuesday following the second

14. Special assessments are not levied on all real and personal property that...
assessor and Board of Review
benefits from the special assessment
October 31
Income / rate

15. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
are not
uniform rates
Tuesday following the second

16. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
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
contract rent
$1 per acre

17. IFT certificates are granted for _ years with a possible 2-year construction period
to hear appeals of the tentative taxable value
tangible or intangible
track land sales
12

18. Definition of ad valorem
at value
gross rent multipliers
fee simple - partial estate - and life estate
hear appeals from taxpayers or their agents

19. Personal property may be _
Form L-4023
physical - functional - and economic
Form L-4260
tangible or intangible

20. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Federal Northwest
Form L-4046
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
the property owner or lessee - or the local government may begin the process of its own volition

21. A depth factor chart is used to adjust lots that are _
direct sales comparison
40
not standard depth
Summation Method- Bank of Investment Method - and Market Comparison Method

22. Equity within the 83 counties of the state is the responsibility of the _
State Tax Commission
desirability
Divide the sales price by the gross rent
at value

23. Half the base times the height
depreciation
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Form L-4022
Triangle computation of area

24. In July and December - the BOR may meet to _
branches
utility - scarcity - desirability - transferability
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
not standard depth

25. The formula for calculating income is _
demand one
State Tax Commission
rate x value
Michigan Constitution

26. Special assessments must _ the properties in the district
Site/location
directly benefit
Replacement cost
gross rent multipliers

27. True cash value is _
Triangle computation of area
$1 per acre
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
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

28. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
replacement cost
transferability
to hear appeals of the tentative taxable value
sales comparison

29. 1 acre =
CAMA
43 -560 square feet
Tuesday following; first Monday in March
median

30. A private claim describes property that was occupied prior to the _
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
General Land Office survey
specific tax
potential income; vacancy - bad debt and operating expenses

31. The formula for calculating value is _
are not
track land sales
Income / rate
Summation Method- Bank of Investment Method - and Market Comparison Method

32. 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 _
partial estate
50%; usual selling price
are not
Rectangular survey; metes and bounds; platted or recorded subdivision

33. Tax day
December 31
not standard depth
taxation - eminent domain - and police powers
value in exchange

34. The Tuesday following the third Monday in _ is the _ meeting.
February 20
July; July Board of Review
direct sales comparison
income

35. A platted subdivision is described by _
economic obsolescense
lots and blocks
receives and reviews
cost approach

36. One use of land value maps is to _
36 sections
never the land
track land sales
cost approach

37. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
General Property Tax Act
May 1
Form L-4023
# of acres times 43 -560 divided by known dimension

38. Deadline for filing personal property statements
State Tax Commission
February 20
Tuesday following Third Monday
transferability

39. CAMA system should estimate replacement cost new less depreciation in the _ approach
Industrial Facility Tax Abatement
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
cost
cost - sales comparison (market) - and income

40. May change assessment for current year
March BOR
is
Form L-4024
at value

41. Cost to construct an exact duplicate of the subject
are
reproduction cost
fee simple - partial estate - and life estate
uniform rates

42. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
median
Form L-4046
utility - scarcity - desirability - transferability
hear appeals from taxpayers or their agents

43. Most taxpayers must appeal to the local _ before appealing to the _
Board of Review; Michigan Tax Tribunal
tangible or intangible
12
County multipliers

44. Enacted in 1893
$421 -052
hear appeals from taxpayers or their agents
Michigan General Property Tax Act
May 1

45. Sections in a township start _
northeast corner with section 1 and proceed west to section 6
effective gross income
Form L-4025
CAMA

46. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
property record cards and assessment maps
gross rent multipliers
exempt
Form L-4024

47. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
The Land Residual
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
State Tax Commission
Form L-4025

48. Members of the Board of Review must be _ of the township
Form L-4023
real estate
electors
expenses not allowable

49. The Board of Review was created by the _ of 1893
uniform rates
discount rate - recapture rate - effective tax rate
by contacting one of the parties to the transaction (buyer - seller - or realtor)
General Property Tax Act

50. _ 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
General Property Tax Act
Michigan Constitution
36 sections
expenses allowable