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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. To calculate a gross rent multiplier - _
Divide the sales price by the gross rent
County Board of Commissioners
Form L-4054
track land sales

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 _
physical - functional - and economic
exempted
50%; usual selling price
value in use

3. Members of the Board of Review must be _ of the township
agricultural personal property; exempt
electors
reducing
December 31

4. Michigan's Constitution provides for _ of taxation
Township Board; City Council
branches
first Monday in June
uniform rates

5. A private claim describes property that was occupied prior to the _
cost approach
County multipliers
adverse possession
General Land Office survey

6. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Form L-4046
lots and blocks
Form L-4025
are not

7. The value of vacant land is estimated using _
exempt
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
sales prices of other parcels similar to the property being appraised
hear appeals from taxpayers or their agents

8. _ are applied to the cost schedules in the manuals
Rectangular survey; metes and bounds; platted or recorded subdivision
present worth
County multipliers
physical - functional - and economic

9. The General Property Tax Law states that agricultural operations means farming in all its _
track land sales
branches
State Tax Commission
Rectangular computation of area

10. 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
physical - functional - and economic
typical farm buildings
real estate

11. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
market comparison approach; cost approach
the property owner or lessee - or the local government may begin the process of its own volition
# of acres times 43 -560 divided by known dimension
beginning value the following year

12. Not transfers of ownership
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
43 -560 square feet
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
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

13. 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.
3/4 Proposal
CAMA
percent good
expenses not allowable

14. _ 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
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
true cash value
expenses not allowable
county multipliers

15. The government retains the following powers
October 31
demand one
taxation - eminent domain - and police powers
income

16. The difference between commercial and industrial property is _
43 -560 square feet
Industrial Facility Tax Abatement
3/4 Proposal
Private Forest Reserve

17. Initial survey point for Michigan at the intersection of two streets
exempt
cost - sales comparison (market) - and income
Genesee County
Front foot

18. Capped value is _

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19. True cash value is _
replacement cost new; depreciation
Front foot
taxation - eminent domain - and police powers
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

20. The formula for calculating value is _
Private Forest Reserve
Tuesday following Third Monday
Income / rate
sales comparison approach

21. IFT's affect only the building value...
power to tax - eminent domain - police power - escheat
taxes
demand one
never the land

22. The _ must approve the application for an IFT before the State Tax Commission approves the application
March BOR
local government unit
Divide the sales price by the gross rent
percent good

23. Economic condition factors (are/are not) applied to land and buildings
are not
transferability
Industrial Facility Tax Abatement
Replacement cost

24. Market value of property is _
county multipliers
taxation - eminent domain - and police powers
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
branches

25. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
median
first Monday in June
Form L-4046
county multipliers

26. A consumer must be able to purchasee the property
County multipliers
transferability
cost - sales comparison (market) - and income
Michigan Constitution

27. All meetings of the BOR are governed by the _
Divide the sales price by the gross rent
Open Meetings Act
soil survey; land value
desirability

28. Tax day
median
Michigan Constitution
December 31
northeast corner with section 1 and proceed west to section 6

29. In a township - the _ is the secretary of the Board of Review
$1 per acre
supervisor
640 acres
Replacement cost

30. It is necessary to have an evening meeting unless the residents...
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
gross rent multipliers
40
demand one

31. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
taxes
true cash value
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Form L-4022

32. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
gross rent multipliers
Number 1
Private Forest Reserve
soil survey; land value

33. _ is a loss in value caused by factors outside the property
Front foot
Form L-4054
market rent
economic obsolescense

34. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
local government unit
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
July and December BOR
transferability

35. The Board of Review was created by the _ of 1893
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
General Property Tax Act
expenses not allowable
Michigan General Property Tax Act

36. Churches - schools - libraries and similar institutions are usually...
desirability
typical farm buildings
July; July Board of Review
exempt

37. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
local government unit
Reproduction 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

38. A consumer must want the product for it to have value
Form L-4154
desirability
Divide the sales price by the gross rent
value in exchange

39. The rights of ownership removed by government are _
exterior
potential gross income
power to tax - eminent domain - police power - escheat
State Tax Commission

40. Definition of ad valorem
demand one
Interest or discount
Reproduction cost
at value

41. 1 mile =
gross rent multipliers
5 -280 lineal feet
are not
by contacting one of the parties to the transaction (buyer - seller - or realtor)

42. A depth factor chart is used to adjust lots that are _
direct sales comparison
expenses not allowable
not standard depth
$1 per acre

43. The three principal steps in the cost approach are _
Front foot
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
Form L-4154
5 -280 lineal feet

44. Leased property is...
February 20
directly benefit
partial estate
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

45. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
taxes
real property
cost
Number 1

46. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
Industrial Facility Tax Abatement
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-4024
utility - scarcity - desirability - transferability

47. Deadline for filing personal property statements
never the land
real property
February 20
depreciation

48. Taxable personal property includes all property not expressly _
exempted
market comparison approach; cost approach
demand one
real estate

49. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
Form L-4024
Federal Northwest
Michigan Constitution
income

50. Who may ask for establishment of an industrial facility tax exemption district?
the property owner or lessee - or the local government may begin the process of its own volition
Michigan Constitution
exempted
physical - functional - and economic