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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. A depth factor chart is used to adjust lots that are _
Private Forest Reserve
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
not standard depth
are

2. Cost to construct improvement with the same functional utility of the subject
replacement cost
income
partial estate
State Tax Commission

3. Notices of the decisions of the BOR must be mailed by the _
40
market rent
local government unit
first Monday in June

4. Special assessment districts are commonly used for _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
sales prices of other parcels similar to the property being appraised
February 20
3/4 Proposal

5. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
present worth
December 31
uniform rates
real property

6. The formula for calculating rate is _
General Land Office survey
specific tax
income / value
soil survey; land value

7. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
percent good
Federal Northwest
determining the primary use of the property; in this case probably agricultural or residential
July and December BOR

8. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Form L-4260
Form L-4023
Board of Review; Michigan Tax Tribunal
rate x value

9. _ measures value in exchange; it is based on the principle of substitution
exempt
contract rent
direct sales comparison
fee simple - partial estate - and life estate

10. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
$421 -052
net income
county multipliers
property record cards and assessment maps

11. A consumer must want the product for it to have value
true cash value
economic obsolescense
property record cards and assessment maps
desirability

12. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
Form L-4154
GRM X MARKET RENT = MARKET VALUE
cost
reproduction cost

13. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
percent good
December 31
40
Circle computation of area

14. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
soil survey; land value
Michigan Constitution
Tuesday following Third Monday

15. Cost to construct an exact duplicate of the subject
reproduction cost
exempt
power to tax - eminent domain - police power - escheat
real estate

16. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
power to tax - eminent domain - police power - escheat
Tuesday following the second
operating expenses
Form L-4022

17. A private claim describes property that was occupied prior to the _
50%; usual selling price
adverse possession
February 20
General Land Office survey

18. Special assessments are not levied on all real and personal property that...
Divide the sales price by the gross rent
Rectangular computation of area
discount rate - recapture rate - effective tax rate
benefits from the special assessment

19. IFT's affect only the building value...
5 -280 lineal feet
36 sections
never the land
Headlee Amendment

20. The right to use - occupy - and control a property for the length of the lessee's life
life estate
Triangle computation of area
sales comparison approach
potential income; vacancy - bad debt and operating expenses

21. The Tuesday following the third Monday in _ is the _ meeting.
hear appeals from taxpayers or their agents
typical farm buildings
power to tax - eminent domain - police power - escheat
July; July Board of Review

22. Monday December Board of Review begins
February 20
CAMA
is
Tuesday following the second

23. Sections in a township start _
track land sales
Tuesday following Third Monday
life estate
northeast corner with section 1 and proceed west to section 6

24. The BOR _ and _ the roll
taxes
Form L-4054
receives and reviews
are not

25. The return on the investment called in the capitalization rate is _
are not
real and personal
General Property Tax Act
Interest or discount

26. 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
December 31
expenses not allowable
The Land Residual

27. CAMA system should estimate replacement cost new less depreciation in the _ approach
cost
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
December 31
is

28. _ includes the discount rate - recapture rate - and the effective rate.
February 20
hear appeals from taxpayers or their agents
Capitalizaiton rate
effective gross income

29. It is necessary to have an evening meeting unless the residents...
Private Forest Reserve
demand one
branches
General Land Office survey

30. _ is estimating the cost of an exact duplication of the building
December 31
beginning value the following year
lots and blocks
Reproduction cost

31. Methods used to describe property in Michigan
present worth
Form L-4024
Rectangular survey; metes and bounds; platted or recorded subdivision
net income

32. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
36 sections
50%; usual selling price
beginning value the following year
Form L-4024

33. The three principal steps in the cost approach are _
December 31
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
expenses allowable
cost approach

34. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
July and December BOR
Headlee Amendment
Private Forest Reserve
economic obsolescense

35. The most common types of ownership are _
50%; usual selling price
local government unit
fee simple - partial estate - and life estate
Michigan General Property Tax Act

36. Radius squared times Pi (3.1416)
General Property Tax Act
expenses allowable
Circle computation of area
partial estate

37. The rights of ownership removed by government are _
cost - sales comparison (market) - and income
Reproduction cost
power to tax - eminent domain - police power - escheat
income

38. The income approach calculates the _ of a future income stream
present worth
Industrial Facility Tax Abatement
benefits from the special assessment
owners and interested parties of the property to be assessed

39. 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
depreciation
Tuesday following the second
owners and interested parties of the property to be assessed

40. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
depreciation
640 acres
Form L-4054
March BOR

41. 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 _
Tuesday following Third Monday
Genesee County
typical farm buildings
$421 -052

42. Market value of property is _
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
desirability
The Land Residual
October 31

43. Leased property is...
partial estate
February 20
market value; existing property
discount rate - recapture rate - effective tax rate

44. The three approaches to value
cost - sales comparison (market) - and income
Site/location
12
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

45. The physical land and any structure attached to it
real estate
Open Meetings Act
first Monday in June
operating expenses

46. The _ must approve the application for an IFT before the State Tax Commission approves the application
local government unit
Front foot
Taxable Value x Millage Rate = Tax Bill
expenses allowable

47. When appraising a commercial building - you should remember that unlike building - land is...
never depreciated
median
Board of Review; Michigan Tax Tribunal
determining the primary use of the property; in this case probably agricultural or residential

48. Deadline for filing Principal Residence Affidavits
income approach
July and December BOR
at value
May 1

49. March Board of Review begins
income approach
General Land Office survey
beginning value the following year
Tuesday following First Monday

50. A consumer must be able to purchasee the property
the property owner or lessee - or the local government may begin the process of its own volition
gross rent multipliers
Form L-4260
transferability