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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 General Property Tax Law states that agricultural operations means farming in all its _
exterior
12
are not
branches

2. 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
Form L-4024
to hear appeals of the tentative taxable value
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

3. Public rights-of-way are _
exempt
physical - functional - and economic
taxation - eminent domain - and police powers
never the land

4. _ measures value in exchange; it is based on the principle of substitution
real estate
CAMA
direct sales comparison
potential income; vacancy - bad debt and operating expenses

5. It is necessary to have an evening meeting unless the residents...
demand one
replacement cost new; depreciation
economic obsolescense
exempted

6. The three approaches to value
reducing
cost - sales comparison (market) - and income
43 -560 square feet
county multipliers

7. True cash value is _
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
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
Michigan Constitution

8. The most common types of ownership are _
12
not standard depth
fee simple - partial estate - and life estate
never depreciated

9. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
market comparison approach; cost approach
Tuesday following Third Monday
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Private Forest Reserve

10. The first meeting of the BOR is held on the _
Industrial Facility Tax Abatement
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
Tuesday following; first Monday in March
agricultural personal property; exempt

11. Definition of ad valorem
at value
May 1
40
market value; existing property

12. July Board of Review begins
Tuesday following; first Monday in March
Tuesday following Third Monday
$421 -052
sales comparison

13. The _ determines the size for rates
Cost Approach
Divide the sales price by the gross rent
ground floor area
county multipliers

14. The value property has in a specific use
value in use
is
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
economic obsolescense

15. The formula for calculating tax bills is _
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
Taxable Value x Millage Rate = Tax Bill
benefits from the special assessment
Triangle computation of area

16. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
Reproduction cost
exempt
owners and interested parties of the property to be assessed
are not

17. Compares the property beign appraised to similar properties that have recently sold
Michigan General Property Tax Act
benefits from the special assessment
sales comparison approach
1 rod

18. Management costs in timber-cutover include _ which are usually the largest expense in this classification
percent good
income
taxes
ground floor area

19. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Private Forest Reserve
reducing
The Land Residual
Township Board; City Council

20. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
reducing
Form L-4260
income approach
are not

21. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
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
property record cards and assessment maps
percent good
reproduction cost

22. 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
Federal Northwest
Replacement cost
Summation Method- Bank of Investment Method - and Market Comparison Method

23. _ soil is considered the most productive
sales prices of other parcels similar to the property being appraised
lots and blocks
Number 1
real estate

24. _ are applied to the cost schedules in the manuals
1 rod
County multipliers
reducing
fee simple

25. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
Tuesday following the second
exempted
a plus adjustemnt for the fireplace to the comp
July and December BOR

26. Who may ask for establishment of an industrial facility tax exemption district?
median
the property owner or lessee - or the local government may begin the process of its own volition
owners and interested parties of the property to be assessed
direct sales comparison

27. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
demand one
July and December BOR
depreciation
40

28. Proposal A had the immediate result of _ property taxes in the state
reducing
Board of Review; Michigan Tax Tribunal
the property owner or lessee - or the local government may begin the process of its own volition
Form L-4023

29. The definition of the economic principle of highest and best use is _
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
income / value
Replacement cost
local government unit

30. The amount of money or goods you can receive if you sell property
February 20
Economic condition factor
value in exchange
Board of Review; Michigan Tax Tribunal

31. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
median
receives and reviews
operating expenses
sales prices of other parcels similar to the property being appraised

32. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
electors
real and personal
Interest or discount
Form L-4046

33. Cost to construct improvement with the same functional utility of the subject
soil survey; land value
Capitalizaiton rate
replacement cost
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

34. The physical land and any structure attached to it
February 20
lots and blocks
real estate
Summation Method- Bank of Investment Method - and Market Comparison Method

35. Members of the Board of Review must be _ of the township
taxes
cost - sales comparison (market) - and income
electors
present worth

36. Buildings on leased lands _ personal property
replacement cost new; depreciation
are
first Monday in June
determining the primary use of the property; in this case probably agricultural or residential

37. Equity within the 83 counties of the state is the responsibility of the _
1 rod
Form L-4154
General Land Office survey
State Tax Commission

38. Approved by voters in 1978
March BOR
Headlee Amendment
value in exchange
power to tax - eminent domain - police power - escheat

39. Inventory (is/is not) exempt
a plus adjustemnt for the fireplace to the comp
Rectangular survey; metes and bounds; platted or recorded subdivision
is
net income

40. _ is a loss of utility and therefore of value from any cause
depreciation
December 31
electors
real property

41. The three categories of depreciation are _
physical - functional - and economic
Form L-4154
not standard depth
exempt

42. 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.
reproduction cost
3/4 Proposal
income
General Property Tax Act

43. _ includes the discount rate - recapture rate - and the effective rate.
Replacement cost
Capitalizaiton rate
General Property Tax Act
at value

44. Requires that the ratio of assessments to true cash value not exceed 50%
Industrial Facility Tax Abatement
Number 1
Michigan Constitution
effective gross income

45. The government retains the following powers
Capitalizaiton rate
Federal Northwest
taxation - eminent domain - and police powers
expenses allowable

46. The rights of ownership removed by government are _
640 acres
power to tax - eminent domain - police power - escheat
market rent
State Tax Commission

47. Michigan's Constitution provides for _ of taxation
uniform rates
income / value
agricultural personal property; exempt
Triangle computation of area

48. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
October 31
3/4 Proposal
agricultural personal property; exempt
February 20

49. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
market comparison approach; cost approach
Capitalizaiton rate
Front foot
Income / rate

50. Michigan's Constitution uses _ to determine assessments
Site/location
transferability
specific tax
true cash value