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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. July Board of Review begins
Tuesday following the second
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
Tuesday following Third Monday
October 31

2. The four basic steps in the sales comparison approach is _
Income / rate
Cost Approach
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
Divide the sales price by the gross rent

3. _ 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
36 sections
income approach
March BOR

4. It (is not necessary to use __________ when valuing agricultural property.
benefits from the special assessment
Township Board; City Council
replacement cost
county multipliers

5. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
640 acres
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
October 31

6. The second meeting of the BOR is held to _
hear appeals from taxpayers or their agents
estimate the assessment
12
track land sales

7. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
is
Rectangular survey; metes and bounds; platted or recorded subdivision
February 20
market comparison approach; cost approach

8. The amount of money or goods you can receive if you sell property
October 31
estimate the assessment
February 20
value in exchange

9. 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 _
$421 -052
operating expenses
beginning value the following year
power to tax - eminent domain - police power - escheat

10. All meetings of the BOR are governed by the _
Open Meetings Act
partial estate
income / value
adverse possession

11. In July and December - the BOR may meet to _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
640 acres
36 sections
40

12. _ is the rent actually received for a property
February 20
transferability
contract rent
fee simple

13. To calculate a gross rent multiplier - _
electors
net income
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
Divide the sales price by the gross rent

14. Buildings on leased lands _ personal property
to hear appeals of the tentative taxable value
are
Form L-4022
Industrial Facility Tax Abatement

15. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
Form L-4025
Form L-4024
Township Board; City Council
are

16. In a residential neighborhood - the measurement usually used in developing cost is _
Front foot
Summation Method- Bank of Investment Method - and Market Comparison Method
Form L-4025
sales comparison approach

17. The difference between commercial and industrial property is _
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
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Industrial Facility Tax Abatement
Tuesday following the second

18. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
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
Form L-4154
effective gross income
Form L-4054

19. The market rent times the number of units availabe to rent is _
Tuesday following the second
12
potential gross income
October 31

20. Personal property statemetns are due on _
Income / rate
Tuesday following; first Monday in March
February 20
Rectangular survey; metes and bounds; platted or recorded subdivision

21. _ is a loss of utility and therefore of value from any cause
Michigan Constitution
potential gross income
depreciation
track land sales

22. In a township - the _ is the secretary of the Board of Review
supervisor
depreciation
State Tax Commission
county multipliers

23. Capped value is _

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24. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
utility - scarcity - desirability - transferability
# of acres times 43 -560 divided by known dimension
property record cards and assessment maps
determining the primary use of the property; in this case probably agricultural or residential

25. Approved by voters in 1978
State Tax Commission
electors
utility - scarcity - desirability - transferability
Headlee Amendment

26. _ is used to adjust the cosst approach to market value for residential properties
Economic condition factor
12
July and December BOR
Triangle computation of area

27. Methods used to describe property in Michigan
Rectangular survey; metes and bounds; platted or recorded subdivision
hear appeals from taxpayers or their agents
by contacting one of the parties to the transaction (buyer - seller - or realtor)
July and December BOR

28. The value of vacant land is estimated using _
sales prices of other parcels similar to the property being appraised
Summation Method- Bank of Investment Method - and Market Comparison Method
$1 per acre
36 sections

29. Not transfers of ownership
Open Meetings Act
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
soil survey; land value
Economic condition factor

30. 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.
December 31
3/4 Proposal
uniform rates
supervisor

31. is the rent a property could command on the open market
expenses not allowable
market rent
Form L-4025
specific tax

32. The physical land and any structure attached to it
income approach
Open Meetings Act
real estate
3/4 Proposal

33. If the subject property has a fireplace and air-conditioning and the comp has only air-conditioning - what adjustment would be made to what property?
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
effective gross income
Form L-4260
a plus adjustemnt for the fireplace to the comp

34. 16 1/2 feet =
1 rod
life estate
Economic condition factor
income approach

35. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
determining the primary use of the property; in this case probably agricultural or residential
demand one
Replacement cost

36. Length times the width
Rectangular computation of area
never depreciated
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Form L-4260

37. Cost to construct an exact duplicate of the subject
reproduction cost
cost
Front foot
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

38. The rights of ownership removed by government are _
are
Industrial Facility Tax Abatement
Income / rate
power to tax - eminent domain - police power - escheat

39. Computer assisted mass appraisal
electors
CAMA
February 20
the property owner or lessee - or the local government may begin the process of its own volition

40. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Form L-4054
Form L-4046
3/4 Proposal
at value

41. Pole barns - silos - and large grain bins are considered _
typical farm buildings
Front foot
fee simple - partial estate - and life estate
County multipliers

42. A consumer must want the product for it to have value
desirability
May 1
adverse possession
taxation - eminent domain - and police powers

43. The first meeting of the BOR is held on the _
at value
July; July Board of Review
Tuesday following; first Monday in March
Triangle computation of area

44. Who may ask for establishment of an industrial facility tax exemption district?
receives and reviews
the property owner or lessee - or the local government may begin the process of its own volition
typical farm buildings
Open Meetings Act

45. The definition of the economic principle of highest and best use is _
Genesee County
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
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

46. Inventory (is/is not) exempt
exempted
is
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Federal Northwest

47. _ soil is considered the most productive
cost
Number 1
market comparison approach; cost approach
property record cards and assessment maps

48. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
effective gross income
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
taxes
supervisor

49. Equity within the county is the responsibility of the _
Site/location
County Board of Commissioners
track land sales
contract rent

50. Deadline for filing Principal Residence Affidavits
May 1
at value
Board of Review; Michigan Tax Tribunal
Rectangular survey; metes and bounds; platted or recorded subdivision