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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. Who may ask for establishment of an industrial facility tax exemption district?
Tuesday following First Monday
Divide the sales price by the gross rent
the property owner or lessee - or the local government may begin the process of its own volition
are not

2. The three categories of depreciation are _
July; July Board of Review
physical - functional - and economic
Board of Review; Michigan Tax Tribunal
potential gross income

3. The market rent times the number of units availabe to rent is _
potential gross income
reducing
Form L-4023
Triangle computation of area

4. Michigan's Constitution provides for _ of taxation
uniform rates
median
1 rod
General Land Office survey

5. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
Form L-4154
effective gross income
a plus adjustemnt for the fireplace to the comp
replacement cost

6. Radius squared times Pi (3.1416)
Circle computation of area
income
July and December BOR
Economic condition factor

7. Tax day
December 31
benefits from the special assessment
real property
expenses not allowable

8. The formula for calculating value is _
Taxable Value X Millage Rate
potential income; vacancy - bad debt and operating expenses
utility - scarcity - desirability - transferability
Income / rate

9. It is necessary to have an evening meeting unless the residents...
demand one
hear appeals from taxpayers or their agents
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
County multipliers

10. Approved by voters in 1978
value in exchange
Headlee Amendment
County multipliers
General Land Office survey

11. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
hear appeals from taxpayers or their agents
demand one
Form L-4022
life estate

12. Equity within the 83 counties of the state is the responsibility of the _
receives and reviews
beginning value the following year
State Tax Commission
October 31

13. In a township - the _ is the secretary of the Board of Review
partial estate
Tuesday following Third Monday
transferability
supervisor

14. March Board of Review begins
are not
determining the primary use of the property; in this case probably agricultural or residential
March BOR
Tuesday following First Monday

15. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
never the land
taxation - eminent domain - and police powers
Economic condition factor
October 31

16. Length times the width
are
Genesee County
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Rectangular computation of area

17. _ is the rent actually received for a property
market value; existing property
Rectangular computation of area
Township Board; City Council
contract rent

18. The formula for calculating tax bills is _
electors
taxation - eminent domain - and police powers
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
Taxable Value x Millage Rate = Tax Bill

19. Computer assisted mass appraisal
Genesee County
CAMA
Triangle computation of area
Economic condition factor

20. _ includes the discount rate - recapture rate - and the effective rate.
Capitalizaiton rate
Site/location
track land sales
October 31

21. _ are applied to the cost schedules in the manuals
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
County multipliers
3/4 Proposal
Form L-4154

22. The formula for calculating rate is _
benefits from the special assessment
income / value
income approach
cost

23. The definition of the economic principle of highest and best use is _
income
Cost Approach
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
discount rate - recapture rate - effective tax rate

24. _ soil is considered the most productive
40
tangible or intangible
Number 1
exempt

25. 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
exempted
Form L-4260
specific tax
northeast corner with section 1 and proceed west to section 6

26. Personal property may be _
Tuesday following; first Monday in March
soil survey; land value
tangible or intangible
5 -280 lineal feet

27. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
Cost Approach
agricultural personal property; exempt
soil survey; land value
sales prices of other parcels similar to the property being appraised

28. All meetings of the BOR are governed by the _
December 31
Open Meetings Act
effective gross income
real property

29. Personal property statemetns are due on _
December 31
February 20
hear appeals from taxpayers or their agents
State Tax Commission

30. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Form L-4023
real estate
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
sales prices of other parcels similar to the property being appraised

31. Not transfers of ownership
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
Tuesday following; first Monday in March
the most probable price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale - the buyer and seller - each acting prudently - knowledgeably and assuming the price is not affected
Front foot

32. Net income is _ minus _
Tuesday following the second
income
potential income; vacancy - bad debt and operating expenses
Reproduction cost

33. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
Interest or discount
$1 per acre
exempt
43 -560 square feet

34. The value of vacant land is estimated using _
Replacement cost
potential income; vacancy - bad debt and operating expenses
sales prices of other parcels similar to the property being appraised
discount rate - recapture rate - effective tax rate

35. Deadline for filing personal property statements
February 20
Taxable Value X Millage Rate
contract rent
northeast corner with section 1 and proceed west to section 6

36. Pole barns - silos - and large grain bins are considered _
determining the primary use of the property; in this case probably agricultural or residential
ground floor area
typical farm buildings
Open Meetings Act

37. The three approaches to value
taxation - eminent domain - and police powers
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
contract rent
cost - sales comparison (market) - and income

38. 1 acre =
43 -560 square feet
The Land Residual
Form L-4023
exempt

39. In a cost approach program - the computer system should estimate _ less _
replacement cost new; depreciation
specific tax
discount rate - recapture rate - effective tax rate
track land sales

40. If the subject property has a fireplace and air-conditioning and the comp has only air-conditioning - what adjustment would be made to what property?
Form L-4054
a plus adjustemnt for the fireplace to the comp
income / value
Form L-4023

41. _ 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.
determining the primary use of the property; in this case probably agricultural or residential
expenses not allowable
Front foot
percent good

42. When measuring a house - you use _ measurements
12
exterior
present worth
by contacting one of the parties to the transaction (buyer - seller - or realtor)

43. Michigan's Constitution uses _ to determine assessments
effective gross income
Headlee Amendment
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
true cash value

44. Most taxpayers must appeal to the local _ before appealing to the _
Michigan General Property Tax Act
Tuesday following; first Monday in March
Board of Review; Michigan Tax Tribunal
General Property Tax Act

45. Formula used to calculate taxes is _
July; July Board of Review
Taxable Value X Millage Rate
Form L-4154
Circle computation of area

46. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
General Property Tax Act
Private Forest Reserve
The Land Residual
cost

47. Members of the Board of Review must be _ of the township
potential gross income
Taxable Value x Millage Rate = Tax Bill
electors
Federal Northwest

48. _ is estimating the cost of an exact duplication of the building
typical farm buildings
market comparison approach; cost approach
Reproduction cost
reducing

49. Taxable personal property includes all property not expressly _
present worth
market value; existing property
exempted
depreciation

50. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
sales comparison approach
percent good
median
February 20