Test your basic knowledge |

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. Personal property forms must be approved by the _
Township Board; City Council
Form L-4046
State Tax Commission
October 31

2. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
market comparison approach; cost approach
Cost Approach
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
median

3. Special assessments must _ the properties in the district
The Land Residual
Cost Approach
not standard depth
directly benefit

4. Leased property is...
Michigan Constitution
partial estate
receives and reviews
the property owner or lessee - or the local government may begin the process of its own volition

5. Used to value the income stream of a property
February 20
income approach
benefits from the special assessment
replacement cost

6. A depth factor chart is used to adjust lots that are _
Divide the sales price by the gross rent
estimate the assessment
Form L-4260
not standard depth

7. If the interest rate is 5% - the effective tax rate is 2% - the recapture rate is 2.5% - and the income attributed to the building is $40 -000. The value of the building is _
effective gross income
soil survey; land value
lots and blocks
$421 -052

8. Tax day
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
real property
cost approach
December 31

9. Pole barns - silos - and large grain bins are considered _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
43 -560 square feet
beginning value the following year
typical farm buildings

10. Equity at the local level is the responsibility of the _
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
assessor and Board of Review
value in use
reducing

11. Computer assisted mass appraisal
agricultural personal property; exempt
CAMA
County multipliers
market comparison approach; cost approach

12. Notices of the decisions of the BOR must be mailed by the _
first Monday in June
physical - functional - and economic
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
economic obsolescense

13. All meetings of the BOR are governed by the _
partial estate
3/4 Proposal
a plus adjustemnt for the fireplace to the comp
Open Meetings Act

14. Personal property may be _
typical farm buildings
tangible or intangible
depreciation
life estate

15. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
gross rent multipliers
Form L-4024
cost - sales comparison (market) - and income
county multipliers

16. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Form L-4260
43 -560 square feet
to hear appeals of the tentative taxable value
Form L-4022

17. Most taxpayers must appeal to the local _ before appealing to the _
typical farm buildings
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
median
Board of Review; Michigan Tax Tribunal

18. The income approach calculates the _ of a future income stream
operating expenses
present worth
sales comparison
The Land Residual

19. Equity within the 83 counties of the state is the responsibility of the _
sales comparison
taxation - eminent domain - and police powers
county multipliers
State Tax Commission

20. Radius squared times Pi (3.1416)
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
December 31
Open Meetings Act
Circle computation of area

21. A platted subdivision is described by _
lots and blocks
agricultural personal property; exempt
present worth
cost - sales comparison (market) - and income

22. IFT certificates are granted for _ years with a possible 2-year construction period
Rectangular computation of area
northeast corner with section 1 and proceed west to section 6
12
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

23. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
Michigan General Property Tax Act
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
soil survey; land value
# of acres times 43 -560 divided by known dimension

24. Initial survey point for Michigan at the intersection of two streets
uniform rates
Genesee County
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Taxable Value x Millage Rate = Tax Bill

25. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
market comparison approach; cost approach
real property
typical farm buildings
exterior

26. The discount rate may be developed by the following:
Summation Method- Bank of Investment Method - and Market Comparison Method
fee simple - partial estate - and life estate
cost
median

27. In heavily wooded areas where property lines may be difficult to identify - it is important that the owners protect their property from being claimed under _
Taxable Value X Millage Rate
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
cost - sales comparison (market) - and income
adverse possession

28. July Board of Review begins
Tuesday following Third Monday
never the land
Form L-4022
market value; existing property

29. _ is a loss of utility and therefore of value from any cause
3/4 Proposal
Form L-4022
depreciation
43 -560 square feet

30. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
market value; existing property
Township Board; City Council
soil survey; land value
local government unit

31. The value of vacant land is estimated using _
exterior
1 rod
sales prices of other parcels similar to the property being appraised
Form L-4054

32. Methods used to describe property in Michigan
physical - functional - and economic
5 -280 lineal feet
Rectangular survey; metes and bounds; platted or recorded subdivision
northeast corner with section 1 and proceed west to section 6

33. The first meeting of the BOR is held on the _
Taxable Value X Millage Rate
cost - sales comparison (market) - and income
effective gross income
Tuesday following; first Monday in March

34. 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 _
taxes
branches
50%; usual selling price
GRM X MARKET RENT = MARKET VALUE

35. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
to hear appeals of the tentative taxable value
income approach
income
hear appeals from taxpayers or their agents

36. The value property has in a specific use
value in use
CAMA
$1 per acre
life estate

37. Members of the Board of Review must be _ of the township
branches
cost
electors
July; July Board of Review

38. Capped value is _

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183

39. _ was designed to provide for the exemption from certain taxes; to levy and collect a specific tax from the owners of properties so exempted; and to provide for the transfer of the exemption certificates; also prescribes the power and dute of the STC
expenses not allowable
# of acres times 43 -560 divided by known dimension
market rent
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

40. Michigan's Constitution uses _ to determine assessments
never depreciated
beginning value the following year
43 -560 square feet
true cash value

41. Buildings on leased lands _ personal property
exempt
reducing
are
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

42. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
$1 per acre
operating expenses
cost 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

43. Enacted in 1893
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Michigan General Property Tax Act
value in exchange
Form L-4024

44. Economic condition factors (are/are not) applied to land and buildings
Number 1
are not
July; July Board of Review
northeast corner with section 1 and proceed west to section 6

45. The _ must approve the application for an IFT before the State Tax Commission approves the application
directly benefit
supervisor
income approach
local government unit

46. Taxable unless specifically exempted
real and personal
exempt
Taxable Value X Millage Rate
Form L-4025

47. The government is authorized to levy taxes in the _
to hear appeals of the tentative taxable value
Michigan Constitution
October 31
gross rent multipliers

48. Monday December Board of Review begins
track land sales
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
640 acres
Tuesday following the second

49. One use of land value maps is to _
track land sales
December 31
benefits from the special assessment
Interest or discount

50. Not transfers of ownership
General Property Tax Act
expenses not allowable
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
direct sales comparison