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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. When measuring a house - you use _ measurements
typical farm buildings
exterior
Triangle computation of area
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

2. Equity within the 83 counties of the state is the responsibility of the _
State Tax Commission
lots and blocks
partial estate
branches

3. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
General Property Tax Act
Form L-4260
CAMA
property record cards and assessment maps

4. Personal property forms must be approved by the _
ground floor area
market comparison approach; cost approach
is
State Tax Commission

5. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
value in exchange
CAMA
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Form L-4046

6. A platted subdivision is described by _
Industrial Facility Tax Abatement
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
lots and blocks
$1 per acre

7. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Form L-4154
Form L-4022
net income
potential gross income

8. Personal property statemetns are due on _
Michigan General Property Tax Act
fee simple
market comparison approach; cost approach
February 20

9. The formula for calculating income is _
rate x value
adverse possession
supervisor
gross rent multipliers

10. The income approach calculates the _ of a future income stream
present worth
Federal Northwest
real and personal
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

11. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
Township Board; City Council
# of acres times 43 -560 divided by known dimension
40
October 31

12. Formula used to calculate taxes is _
Income / rate
Form L-4023
Taxable Value X Millage Rate
40

13. The formula for calculating tax bills is _
first Monday in June
Michigan General Property Tax Act
Taxable Value x Millage Rate = Tax Bill
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

14. Taxable unless specifically exempted
net income
May 1
3/4 Proposal
real and personal

15. _ includes the discount rate - recapture rate - and the effective rate.
never depreciated
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Capitalizaiton rate
percent good

16. When appraising a commercial building - you should remember that unlike building - land is...
never depreciated
market value; existing property
Circle computation of area
The Land Residual

17. There are _ in a section
640 acres
Reproduction cost
cost approach
soil survey; land value

18. A consumer must be able to purchasee the property
Tuesday following First Monday
the property owner or lessee - or the local government may begin the process of its own volition
transferability
Form L-4025

19. The market rent times the number of units availabe to rent is _
Replacement cost
income approach
Form L-4154
potential gross income

20. True cash value is _
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
Tuesday following the second
Capitalizaiton rate
$1 per acre

21. In a township - the _ is the secretary of the Board of Review
July; July Board of Review
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
supervisor
exempt

22. Leased property is...
directly benefit
supervisor
Form L-4046
partial estate

23. Half the base times the height
Triangle computation of area
beginning value the following year
contract rent
the property owner or lessee - or the local government may begin the process of its own volition

24. IFT certificates are granted for _ years with a possible 2-year construction period
Form L-4025
direct sales comparison
May 1
12

25. Members of the Board of Review must be _ of the township
electors
power to tax - eminent domain - police power - escheat
General Land Office survey
March BOR

26. The right to use - occupy - and control a property for the length of the lessee's life
GRM X MARKET RENT = MARKET VALUE
value in exchange
life estate
gross rent multipliers

27. Michigan's Constitution provides for _ of taxation
uniform rates
tangible or intangible
Genesee County
sales comparison approach

28. _ 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
utility - scarcity - desirability - transferability
Open Meetings Act

29. Definition of ad valorem
at value
Taxable Value X Millage Rate
are
contract rent

30. Cost to construct an exact duplicate of the subject
reproduction cost
Front foot
partial estate
12

31. The highest degree of ownership
Form L-4054
fee simple
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
July and December BOR

32. Notice of special assessment public hearings must be given to _
owners and interested parties of the property to be assessed
are
State Tax Commission
# of acres times 43 -560 divided by known dimension

33. The physical land and any structure attached to it
by contacting one of the parties to the transaction (buyer - seller - or realtor)
General Land Office survey
real estate
July and December BOR

34. Unknown dimension formula
# of acres times 43 -560 divided by known dimension
exempted
the property owner or lessee - or the local government may begin the process of its own volition
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

35. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
real and personal
County multipliers
potential income; vacancy - bad debt and operating expenses
Form L-4023

36. Tax day
specific tax
December 31
adverse possession
assessor and Board of Review

37. CAMA system should estimate replacement cost new less depreciation in the _ approach
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
Michigan General Property Tax Act
cost
specific tax

38. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
July and December BOR
reducing
property record cards and assessment maps
Economic condition factor

39. The second meeting of the BOR is held to _
lots and blocks
value in exchange
hear appeals from taxpayers or their agents
State Tax Commission

40. The value of vacant land is estimated using _
sales prices of other parcels similar to the property being appraised
not standard depth
percent good
General Property Tax Act

41. In July and December - the BOR may meet to _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
cost - sales comparison (market) - and income
sales comparison approach
5 -280 lineal feet

42. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
Form L-4025
income
by contacting one of the parties to the transaction (buyer - seller - or realtor)
property record cards and assessment maps

43. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
physical - functional - and economic
Township Board; City Council
Summation Method- Bank of Investment Method - and Market Comparison Method
depreciation

44. Capped value is _

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45. July Board of Review begins
owners and interested parties of the property to be assessed
Board of Review; Michigan Tax Tribunal
electors
Tuesday following Third Monday

46. _ is a loss of utility and therefore of value from any cause
determining the primary use of the property; in this case probably agricultural or residential
The Land Residual
by contacting one of the parties to the transaction (buyer - seller - or realtor)
depreciation

47. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
value in use
at value
July and December BOR
utility - scarcity - desirability - transferability

48. Special assessment districts are commonly used for _
fee simple
Income / rate
directly benefit
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

49. Equity within the county is the responsibility of the _
County Board of Commissioners
owners and interested parties of the property to be assessed
Tuesday following the second
Site/location

50. Methods used to describe property in Michigan
county multipliers
tangible or intangible
track land sales
Rectangular survey; metes and bounds; platted or recorded subdivision