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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. May change assessment for current year
March BOR
Capitalizaiton rate
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
contract rent

2. Enacted in 1893
market value; existing property
Michigan General Property Tax Act
economic obsolescense
Tuesday following; first Monday in March

3. Economic condition factors (are/are not) applied to land and buildings
soil survey; land value
real property
5 -280 lineal feet
are not

4. 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 _
Capitalizaiton rate
owners and interested parties of the property to be assessed
50%; usual selling price
at value

5. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
fee simple - partial estate - and life estate
Form L-4023
effective gross income
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

6. A platted subdivision is described by _
lots and blocks
agricultural personal property; exempt
by contacting one of the parties to the transaction (buyer - seller - or realtor)
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

7. Compares the property beign appraised to similar properties that have recently sold
sales comparison approach
supervisor
5 -280 lineal feet
discount rate - recapture rate - effective tax rate

8. Vacant land adjustments have to be made for differences in _
income / value
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
12
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

9. Equity within the 83 counties of the state is the responsibility of the _
taxes
Form L-4022
State Tax Commission
present worth

10. Public rights-of-way are _
exempt
3/4 Proposal
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
true cash value

11. The right to use - occupy - and control a property for the length of the lessee's life
life estate
adverse possession
Form L-4154
present worth

12. A depth factor chart is used to adjust lots that are _
first Monday in June
not standard depth
reproduction cost
local government unit

13. Management costs in timber-cutover include _ which are usually the largest expense in this classification
Form L-4046
supervisor
taxes
1 rod

14. In a township - the _ is the secretary of the Board of Review
track land sales
The Land Residual
supervisor
Open Meetings Act

15. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
Cost Approach
market comparison approach; cost approach
taxes
net income

16. Personal property statemetns are due on _
beginning value the following year
a plus adjustemnt for the fireplace to the comp
are
February 20

17. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
3/4 Proposal
Tuesday following the second
The Land Residual
hear appeals from taxpayers or their agents

18. The government is authorized to levy taxes in the _
potential income; vacancy - bad debt and operating expenses
Michigan Constitution
Rectangular survey; metes and bounds; platted or recorded subdivision
March BOR

19. The discount rate may be developed by the following:
Tuesday following the second
income approach
Summation Method- Bank of Investment Method - and Market Comparison Method
sales comparison approach

20. Inventory (is/is not) exempt
replacement cost
receives and reviews
is
Interest or discount

21. In a residential neighborhood - the measurement usually used in developing cost is _
taxation - eminent domain - and police powers
Cost Approach
rate x value
Front foot

22. The value property has in a specific use
income approach
value in use
soil survey; land value
sales prices of other parcels similar to the property being appraised

23. Taxable personal property includes all property not expressly _
Form L-4260
exempted
Cost Approach
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

24. When measuring a house - you use _ measurements
May 1
exterior
March BOR
$421 -052

25. The physical land and any structure attached to it
real estate
median
Taxable Value x Millage Rate = Tax Bill
County Board of Commissioners

26. Notice of special assessment public hearings must be given to _
value in exchange
Tuesday following; first Monday in March
The Land Residual
owners and interested parties of the property to be assessed

27. The definition of the economic principle of highest and best use is _
# of acres times 43 -560 divided by known dimension
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
exempted
February 20

28. The cost approach is used to estimate _ of an _
market value; existing property
soil survey; land value
to hear appeals of the tentative taxable value
discount rate - recapture rate - effective tax rate

29. There are _ in a geographical township
sales prices of other parcels similar to the property being appraised
36 sections
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
partial estate

30. IFT certificates are granted for _ years with a possible 2-year construction period
exempt
12
Form L-4024
43 -560 square feet

31. _ includes the discount rate - recapture rate - and the effective rate.
income approach
General Property Tax Act
value in exchange
Capitalizaiton rate

32. All meetings of the BOR are governed by the _
CAMA
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
Open Meetings Act
present worth

33. In a cost approach program - the computer system should estimate _ less _
real property
lots and blocks
replacement cost new; depreciation
sales comparison approach

34. The formula for using a gross rent multiplier to determine market value is _
GRM X MARKET RENT = MARKET VALUE
Cost Approach
50%; usual selling price
branches

35. The _ to value is best used for mass appraisals being done by the assessor.
real property
Cost Approach
estimate the assessment
electors

36. The four basic steps in the sales comparison approach is _
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
are not
5 -280 lineal feet
cost - sales comparison (market) - and income

37. The General Property Tax Law states that agricultural operations means farming in all its _
branches
Open Meetings Act
State Tax Commission
are not

38. Taxable unless specifically exempted
real and personal
Tuesday following; first Monday in March
ground floor area
potential income; vacancy - bad debt and operating expenses

39. _ is the rent actually received for a property
$421 -052
contract rent
life estate
receives and reviews

40. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
are not
electors
replacement cost
State Tax Commission

41. The three principal steps in the cost approach are _
real property
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
40
ground floor area

42. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
gross rent multipliers
State Tax Commission
agricultural personal property; exempt
October 31

43. Methods used to describe property in Michigan
hear appeals from taxpayers or their agents
Rectangular survey; metes and bounds; platted or recorded subdivision
640 acres
supervisor

44. Michigan's Constitution provides for _ of taxation
Number 1
uniform rates
income / value
specific tax

45. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
40
income
43 -560 square feet
net income

46. Depreciation in the assessing process is expressed as a _
percent good
exterior
exempt
36 sections

47. Leased property is...
partial estate
depreciation
County multipliers
GRM X MARKET RENT = MARKET VALUE

48. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Rectangular survey; metes and bounds; platted or recorded subdivision
Divide the sales price by the gross rent
taxes
Form L-4022

49. 1 mile =
discount rate - recapture rate - effective tax rate
December 31
5 -280 lineal feet
1 rod

50. Potential income minus vacancy - bad debt - and operating expenses is the _
March BOR
effective gross income
net income
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