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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. March Board of Review begins
Tuesday following First Monday
replacement cost
economic obsolescense
to hear appeals of the tentative taxable value

2. True cash value is _
are not
Number 1
Form L-4025
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

3. Used to value the income stream of a property
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
income approach
Michigan General Property Tax Act
beginning value the following year

4. There are _ in a section
replacement cost
gross rent multipliers
fee simple - partial estate - and life estate
640 acres

5. Movable irrigation systems including pumps not an integral part of a well are _ and are _
Replacement cost
agricultural personal property; exempt
Summation Method- Bank of Investment Method - and Market Comparison Method
Economic condition factor

6. Notice of special assessment public hearings must be given to _
February 20
a plus adjustemnt for the fireplace to the comp
owners and interested parties of the property to be assessed
value in use

7. IFT certificates are granted for _ years with a possible 2-year construction period
12
fee simple - partial estate - and life estate
Form L-4024
never depreciated

8. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
sales comparison approach
beginning value the following year
Form L-4024
Economic condition factor

9. Capped value is _

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10. The second meeting of the BOR is held to _
Form L-4022
Rectangular computation of area
hear appeals from taxpayers or their agents
expenses allowable

11. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
directly benefit
income approach
are not
agricultural personal property; exempt

12. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
Open Meetings Act
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
property record cards and assessment maps
Board of Review; Michigan Tax Tribunal

13. Value is determined by _
expenses not allowable
Summation Method- Bank of Investment Method - and Market Comparison Method
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
utility - scarcity - desirability - transferability

14. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
Form L-4046
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
40
Township Board; City Council

15. 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
property record cards and assessment maps
July; July Board of Review
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

16. Deadline for filing Principal Residence Affidavits
power to tax - eminent domain - police power - escheat
benefits from the special assessment
May 1
assessor and Board of Review

17. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
Rectangular computation of area
1 rod
Board of Review; Michigan Tax Tribunal
operating expenses

18. _ 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.
expenses not allowable
February 20
market value; existing property
potential gross income

19. _ are applied to the cost schedules in the manuals
October 31
County multipliers
assessor and Board of Review
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

20. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
directly benefit
Form L-4046
the property owner or lessee - or the local government may begin the process of its own volition
beginning value the following year

21. The definition of market value is _
February 20
rate x value
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
Front foot

22. In a cost approach program - the computer system should estimate _ less _
utility - scarcity - desirability - transferability
43 -560 square feet
5 -280 lineal feet
replacement cost new; depreciation

23. Compares the property beign appraised to similar properties that have recently sold
local government unit
sales comparison approach
Capitalizaiton rate
taxation - eminent domain - and police powers

24. The amount of money or goods you can receive if you sell property
Michigan Constitution
median
value in exchange
income / value

25. Public rights-of-way are _
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
5 -280 lineal feet
State Tax Commission
exempt

26. The formula for calculating income is _
effective gross income
rate x value
Form L-4260
typical farm buildings

27. The most common types of ownership are _
43 -560 square feet
fee simple - partial estate - and life estate
reproduction cost
Federal Northwest

28. The _ must approve the application for an IFT before the State Tax Commission approves the application
General Property Tax Act
local government unit
life estate
County multipliers

29. Half the base times the height
Triangle computation of area
Michigan Constitution
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
5 -280 lineal feet

30. A platted subdivision is described by _
Triangle computation of area
never depreciated
receives and reviews
lots and blocks

31. If a business fails to file a personal property statement - the assessor shall _
5 -280 lineal feet
Site/location
estimate the assessment
depreciation

32. July Board of Review begins
soil survey; land value
CAMA
Tuesday following Third Monday
Cost Approach

33. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
Township Board; City Council
cost approach
uniform rates
$1 per acre

34. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
fee simple
effective gross income
Taxable Value x Millage Rate = Tax Bill
median

35. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
operating expenses
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
real property
12

36. Michigan's Constitution uses _ to determine assessments
July; July Board of Review
local government unit
physical - functional - and economic
true cash value

37. The formula for calculating value is _
owners and interested parties of the property to be assessed
partial estate
benefits from the special assessment
Income / rate

38. A private claim describes property that was occupied prior to the _
Number 1
General Land Office survey
General Property Tax Act
hear appeals from taxpayers or their agents

39. Used to estimate the cost of constructing improvements to the land
Taxable Value X Millage Rate
cost approach
$421 -052
October 31

40. Monday December Board of Review begins
potential income; vacancy - bad debt and operating expenses
agricultural personal property; exempt
$1 per acre
Tuesday following the second

41. In a township - the _ is the secretary of the Board of Review
$1 per acre
Tuesday following; first Monday in March
July and December BOR
supervisor

42. Churches - schools - libraries and similar institutions are usually...
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Economic condition factor
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
exempt

43. Tax day
is
December 31
northeast corner with section 1 and proceed west to section 6
Form L-4022

44. The four basic steps in the sales comparison approach is _
true cash value
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
determining the primary use of the property; in this case probably agricultural or residential
adverse possession

45. The discount rate may be developed by the following:
Summation Method- Bank of Investment Method - and Market Comparison Method
cost
branches
Taxable Value X Millage Rate

46. When measuring a house - you use _ measurements
potential gross income
exterior
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
supervisor

47. In July and December - the BOR may meet to _
never the land
potential gross income
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
replacement cost new; depreciation

48. Unknown dimension formula
# of acres times 43 -560 divided by known dimension
exempted
Tuesday following Third Monday
cost approach

49. Computer assisted mass appraisal
physical - functional - and economic
CAMA
General Land Office survey
Headlee Amendment

50. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
October 31
$1 per acre
taxes
market value; existing property