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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. The formula for calculating tax bills is _
beginning value the following year
never depreciated
replacement cost new; depreciation
Taxable Value x Millage Rate = Tax Bill

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 _
50%; usual selling price
fee simple
direct sales comparison
track land sales

3. 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
Taxable Value x Millage Rate = Tax Bill
specific tax
Form L-4022
Tuesday following Third Monday

4. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
operating expenses
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Form L-4024
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

5. The cost approach is used to estimate _ of an _
market value; existing property
power to tax - eminent domain - police power - escheat
General Property Tax Act
by contacting one of the parties to the transaction (buyer - seller - or realtor)

6. There are _ in a geographical township
Form L-4046
County Board of Commissioners
present worth
36 sections

7. The General Property Tax Law states that agricultural operations means farming in all its _
Form L-4023
desirability
branches
General Land Office survey

8. Special assessment districts are commonly used for _
determining the primary use of the property; in this case probably agricultural or residential
ground floor area
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
supervisor

9. Enacted in 1893
exempted
May 1
Michigan General Property Tax Act
3/4 Proposal

10. Value is determined by _
supervisor
utility - scarcity - desirability - transferability
net income
track land sales

11. Initial survey point for Michigan at the intersection of two streets
Form L-4025
Genesee County
Interest or discount
uniform rates

12. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Form L-4022
March BOR
fee simple
branches

13. _ is estimating the cost of a building of similar design and utility
Replacement cost
County multipliers
gross rent multipliers
lots and blocks

14. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
real property
December 31
property record cards and assessment maps

15. The income approach calculates the _ of a future income stream
present worth
Triangle computation of area
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

16. Leased property is...
Tuesday following the second
partial estate
Triangle computation of area
property record cards and assessment maps

17. _ are used to value income-producing residential property
demand one
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
income
gross rent multipliers

18. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
3/4 Proposal
Site/location
General Land Office survey
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

19. 16 1/2 feet =
reproduction cost
General Land Office survey
1 rod
Tuesday following First Monday

20. The three approaches to value
northeast corner with section 1 and proceed west to section 6
cost - sales comparison (market) - and income
effective gross income
Board of Review; Michigan Tax Tribunal

21. IFT's affect only the building value...
Tuesday following the second
Cost Approach
never the land
General Property Tax Act

22. Most taxpayers must appeal to the local _ before appealing to the _
Board of Review; Michigan Tax Tribunal
tangible or intangible
northeast corner with section 1 and proceed west to section 6
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

23. Cost to construct an exact duplicate of the subject
640 acres
reproduction cost
by contacting one of the parties to the transaction (buyer - seller - or realtor)
owners and interested parties of the property to be assessed

24. Michigan's Constitution uses _ to determine assessments
36 sections
true cash value
real property
Replacement cost

25. Computer assisted mass appraisal
soil survey; land value
CAMA
Private Forest Reserve
GRM X MARKET RENT = MARKET VALUE

26. In a cost approach program - the computer system should estimate _ less _
sales comparison approach
replacement cost new; depreciation
agricultural personal property; exempt
36 sections

27. When appraising a commercial building - you should remember that unlike building - land is...
depreciation
typical farm buildings
3/4 Proposal
never depreciated

28. Methods used to describe property in Michigan
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
direct sales comparison
Rectangular survey; metes and bounds; platted or recorded subdivision
income

29. True cash value is _
expenses allowable
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
State Tax Commission
Form L-4023

30. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
hear appeals from taxpayers or their agents
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
income
exterior

31. Equity at the local level is the responsibility of the _
assessor and Board of Review
The Land Residual
ground floor area
GRM X MARKET RENT = MARKET VALUE

32. The three principal steps in the cost approach are _
are not
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
direct sales comparison
Triangle computation of area

33. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
supervisor
cost approach
Form L-4260
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

34. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
Income / rate
expenses not allowable
beginning value the following year
soil survey; land value

35. Michigan's Constitution provides for _ of taxation
Interest or discount
uniform rates
potential income; vacancy - bad debt and operating expenses
not standard depth

36. A depth factor chart is used to adjust lots that are _
sales prices of other parcels similar to the property being appraised
43 -560 square feet
not standard depth
fee simple

37. The definition of the economic principle of highest and best use is _
General Land Office survey
fee simple
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
income / value

38. The return on the investment called in the capitalization rate is _
Interest or discount
50%; usual selling price
life estate
Form L-4046

39. Taxable unless specifically exempted
at value
hear appeals from taxpayers or their agents
value in use
real and personal

40. _ are applied to the cost schedules in the manuals
Number 1
economic obsolescense
County multipliers
Tuesday following Third Monday

41. Members of the Board of Review must be _ of the township
Tuesday following Third Monday
February 20
fee simple - partial estate - and life estate
electors

42. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
market value; existing property
cost - sales comparison (market) - and income
direct sales comparison
The Land Residual

43. The most common types of ownership are _
Form L-4024
taxation - eminent domain - and police powers
gross rent multipliers
fee simple - partial estate - and life estate

44. _ is estimating the cost of an exact duplication of the building
Reproduction cost
State Tax Commission
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Tuesday following; first Monday in March

45. Proposal A had the immediate result of _ property taxes in the state
State Tax Commission
reducing
Form L-4023
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

46. When measuring a house - you use _ measurements
the property owner or lessee - or the local government may begin the process of its own volition
cost - sales comparison (market) - and income
exterior
real estate

47. _ 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
income approach
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
General Land Office survey
life estate

48. Churches - schools - libraries and similar institutions are usually...
Cost Approach
exempt
Michigan Constitution
are not

49. Equity within the 83 counties of the state is the responsibility of the _
Taxable Value x Millage Rate = Tax Bill
life estate
benefits from the special assessment
State Tax Commission

50. CAMA system should estimate replacement cost new less depreciation in the _ approach
cost
Taxable Value X Millage Rate
expenses not allowable
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