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Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
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Subject
:
certifications
Instructions:
Answer 50 questions in 15 minutes.
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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 _ determines the size for rates
reproduction cost
ground floor area
State Tax Commission
County Board of Commissioners
2. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
July and December BOR
Form L-4024
market rent
receives and reviews
3. Market value of property is _
March BOR
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
assessor and Board of Review
replacement cost new; depreciation
4. Michigan's Constitution provides for _ of taxation
uniform rates
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
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
Form L-4260
5. In July and December - the BOR may meet to _
Circle computation of area
a plus adjustemnt for the fireplace to the comp
benefits from the special assessment
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
6. Notice of special assessment public hearings must be given to _
May 1
rate x value
October 31
owners and interested parties of the property to be assessed
7. _ 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.
income approach
40
General Land Office survey
expenses not allowable
8. Sections in a township start _
northeast corner with section 1 and proceed west to section 6
CAMA
Rectangular computation of area
real property
9. A depth factor chart is used to adjust lots that are _
Replacement cost
Taxable Value X Millage Rate
track land sales
not standard depth
10. Requires that the ratio of assessments to true cash value not exceed 50%
specific tax
Divide the sales price by the gross rent
Michigan Constitution
are
11. Formula used to calculate taxes is _
Taxable Value X Millage Rate
The Land Residual
demand one
Summation Method- Bank of Investment Method - and Market Comparison Method
12. March Board of Review begins
Tuesday following First Monday
value in exchange
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
Number 1
13. Approved by voters in 1978
cost - sales comparison (market) - and income
market value; existing property
October 31
Headlee Amendment
14. Depreciation in the assessing process is expressed as a _
power to tax - eminent domain - police power - escheat
first Monday in June
CAMA
percent good
15. Special assessment districts are commonly used for _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
effective gross income
Form L-4154
taxation - eminent domain - and police powers
16. The three approaches to value
owners and interested parties of the property to be assessed
February 20
a plus adjustemnt for the fireplace to the comp
cost - sales comparison (market) - and income
17. The income approach calculates the _ of a future income stream
present worth
Tuesday following the second
May 1
are not
18. The formula for using a gross rent multiplier to determine market value is _
sales comparison
GRM X MARKET RENT = MARKET VALUE
Summation Method- Bank of Investment Method - and Market Comparison Method
taxation - eminent domain - and police powers
19. Personal property forms must be approved by the _
operating expenses
1 rod
State Tax Commission
July; July Board of Review
20. Taxable unless specifically exempted
taxation - eminent domain - and police powers
gross rent multipliers
real and personal
market comparison approach; cost approach
21. The formula for calculating income is _
income approach
rate x value
Interest or discount
track land sales
22. The value of vacant land is estimated using _
12
Headlee Amendment
February 20
sales prices of other parcels similar to the property being appraised
23. 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
Michigan Constitution
specific tax
Tuesday following; first Monday in March
3/4 Proposal
24. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
is
not standard depth
first Monday in June
Form L-4022
25. _ 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
50%; usual selling price
effective gross income
income approach
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
26. Initial survey point for Michigan at the intersection of two streets
electors
Genesee County
February 20
3/4 Proposal
27. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Number 1
Form L-4260
local government unit
estimate the assessment
28. A consumer must be able to purchasee the property
Private Forest Reserve
property record cards and assessment maps
40
transferability
29. Computer assisted mass appraisal
March BOR
real estate
CAMA
Form L-4054
30. The capitalization rate includes the _ - _ and the _
Michigan Constitution
expenses allowable
exempted
discount rate - recapture rate - effective tax rate
31. 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 _
direct sales comparison
sales prices of other parcels similar to the property being appraised
40
50%; usual selling price
32. Movable irrigation systems including pumps not an integral part of a well are _ and are _
Economic condition factor
agricultural personal property; exempt
operating expenses
$1 per acre
33. Unknown dimension formula
May 1
power to tax - eminent domain - police power - escheat
# of acres times 43 -560 divided by known dimension
Tuesday following; first Monday in March
34. The General Property Tax Law states that agricultural operations means farming in all its _
branches
potential income; vacancy - bad debt and operating expenses
GRM X MARKET RENT = MARKET VALUE
exempted
35. May change assessment for current year
Income / rate
discount rate - recapture rate - effective tax rate
income approach
March BOR
36. _ is a loss of utility and therefore of value from any cause
reducing
depreciation
uniform rates
General Land Office survey
37. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
50%; usual selling price
county multipliers
soil survey; land value
exempt
38. Churches - schools - libraries and similar institutions are usually...
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
Township Board; City Council
exempt
demand one
39. Members of the Board of Review must be _ of the township
are not
12
40
electors
40. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
February 20
contract rent
Private Forest Reserve
1 rod
41. Used to estimate the cost of constructing improvements to the land
rate x value
cost approach
12
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
42. The return on the investment called in the capitalization rate 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
owners and interested parties of the property to be assessed
Taxable Value x Millage Rate = Tax Bill
Interest or discount
43. _ measures value in exchange; it is based on the principle of substitution
direct sales comparison
exempt
agricultural personal property; exempt
taxes
44. _ are those expenses necessary for generating income. This includes reserves for replacements - accounting fees - advertising costs - maintenance costs such as lawn care - snow removal - repairs - trash removal - utilities - and a maintenance manager
real property
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
Reproduction cost
expenses allowable
45. There are _ in a geographical township
market value; existing property
transferability
36 sections
3/4 Proposal
46. _ soil is considered the most productive
July and December BOR
Number 1
Rectangular survey; metes and bounds; platted or recorded subdivision
demand one
47. Compares the property beign appraised to similar properties that have recently sold
640 acres
sales comparison approach
local government unit
40
48. Value is determined by _
May 1
Tuesday following First Monday
Tuesday following Third Monday
utility - scarcity - desirability - transferability
49. Equity within the county is the responsibility of the _
northeast corner with section 1 and proceed west to section 6
50%; usual selling price
County Board of Commissioners
partial estate
50. The formula for calculating value is _
Summation Method- Bank of Investment Method - and Market Comparison Method
Income / rate
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Michigan General Property Tax Act
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