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. CAMA system should estimate replacement cost new less depreciation in the _ approach
cost
physical - functional - and economic
by contacting one of the parties to the transaction (buyer - seller - or realtor)
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

2. 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 _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
reproduction cost
net income
50%; usual selling price

3. Market value of property is _
Genesee County
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
partial estate
October 31

4. Deadline for filing personal property statements
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
February 20
income
directly benefit

5. The second meeting of the BOR is held to _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Divide the sales price by the gross rent
a plus adjustemnt for the fireplace to the comp
hear appeals from taxpayers or their agents

6. The General Property Tax Law states that agricultural operations means farming in all its _
replacement cost
tangible or intangible
branches
are

7. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
value in use
Form L-4025
transferability
Private Forest Reserve

8. True cash value is _
reproduction cost
Divide the sales price by the gross rent
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
Triangle computation of area

9. The three approaches to value
cost - sales comparison (market) - and income
property record cards and assessment maps
transferability
lots and blocks

10. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
CAMA
July and December BOR
March BOR
43 -560 square feet

11. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
Private Forest Reserve
Cost Approach
Taxable Value x Millage Rate = Tax Bill
lots and blocks

12. Monday December Board of Review begins
Replacement cost
5 -280 lineal feet
income / value
Tuesday following the second

13. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
reducing
operating expenses
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
Township Board; City Council

14. _ is the rent actually received for a property
contract rent
July; July Board of Review
reducing
by contacting one of the parties to the transaction (buyer - seller - or realtor)

15. _ is estimating the cost of a building of similar design and utility
Replacement cost
desirability
demand one
October 31

16. July Board of Review begins
adverse possession
Tuesday following Third Monday
property record cards and assessment maps
market value; existing property

17. The formula for calculating tax bills is _
ground floor area
desirability
Taxable Value x Millage Rate = Tax Bill
3/4 Proposal

18. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
contract rent
track land sales
median
Site/location

19. Potential income minus vacancy - bad debt - and operating expenses is the _
Taxable Value X Millage Rate
net income
value in use
Site/location

20. In a cost approach program - the computer system should estimate _ less _
State Tax Commission
expenses not allowable
replacement cost new; depreciation
Summation Method- Bank of Investment Method - and Market Comparison Method

21. Net income is _ minus _
electors
potential income; vacancy - bad debt and operating expenses
sales comparison
Genesee County

22. 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.
never the land
market value; existing property
3/4 Proposal
Tuesday following the second

23. Personal property may be _
Open Meetings Act
tangible or intangible
Divide the sales price by the gross rent
transferability

24. 1 acre =
Divide the sales price by the gross rent
real property
Cost Approach
43 -560 square feet

25. Churches - schools - libraries and similar institutions are usually...
exempt
potential gross income
real and personal
1 rod

26. The government retains the following powers
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
taxation - eminent domain - and police powers
February 20
sales prices of other parcels similar to the property being appraised

27. 16 1/2 feet =
demand one
1 rod
adverse possession
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

28. When appraising a commercial building - you should remember that unlike building - land is...
at value
life estate
50%; usual selling price
never depreciated

29. _ are applied to the cost schedules in the manuals
County multipliers
December 31
exterior
discount rate - recapture rate - effective tax rate

30. Michigan's Constitution provides for _ of taxation
May 1
market value; existing property
General Property Tax Act
uniform rates

31. Personal property forms must be approved by the _
ground floor area
3/4 Proposal
February 20
State Tax Commission

32. Depreciation in the assessing process is expressed as a _
Form L-4046
February 20
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
percent good

33. Equity at the local level is the responsibility of the _
March BOR
power to tax - eminent domain - police power - escheat
GRM X MARKET RENT = MARKET VALUE
assessor and Board of Review

34. Most taxpayers must appeal to the local _ before appealing to the _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
first Monday in June
Board of Review; Michigan Tax Tribunal
sales prices of other parcels similar to the property being appraised

35. The rights of ownership removed by government are _
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
Form L-4054
power to tax - eminent domain - police power - escheat
Open Meetings Act

36. is the rent a property could command on the open market
physical - functional - and economic
market rent
Replacement cost
CAMA

37. The definition of market value 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
branches
Cost Approach
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

38. Vacant land adjustments have to be made for differences in _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Taxable Value X Millage Rate
local government unit
Form L-4023

39. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
beginning value the following year
economic obsolescense
Economic condition factor
adverse possession

40. If a business fails to file a personal property statement - the assessor shall _
expenses allowable
General Property Tax Act
exempt
estimate the assessment

41. Special assessment districts are commonly used for _
is
never depreciated
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
# of acres times 43 -560 divided by known dimension

42. Length times the width
# of acres times 43 -560 divided by known dimension
assessor and Board of Review
Rectangular computation of area
value in use

43. Unknown dimension formula
physical - functional - and economic
real property
40
# of acres times 43 -560 divided by known dimension

44. Methods used to describe property in Michigan
determining the primary use of the property; in this case probably agricultural or residential
assessor and Board of Review
County Board of Commissioners
Rectangular survey; metes and bounds; platted or recorded subdivision

45. Economic condition factors (are/are not) applied to land and buildings
are not
adverse possession
February 20
43 -560 square feet

46. Cost to construct improvement with the same functional utility of the subject
soil survey; land value
replacement cost
fee simple
branches

47. 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 _
adverse possession
life estate
reproduction cost
Headlee Amendment

48. The right to use - occupy - and control a property for the length of the lessee's life
life estate
State Tax Commission
Rectangular computation of area
February 20

49. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
are not
at value
$1 per acre
uniform rates

50. The formula for calculating rate is _
income / value
Taxable Value x Millage Rate = Tax Bill
fee simple - partial estate - and life estate
Tuesday following Third Monday