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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. _ is a loss of utility and therefore of value from any cause
depreciation
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
fee simple
County Board of Commissioners

2. Depreciation in the assessing process is expressed as a _
percent good
contract rent
northeast corner with section 1 and proceed west to section 6
soil survey; land value

3. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
median
operating expenses
Tuesday following the second
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

4. 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 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
Form L-4154
fee simple
are not

5. The most common types of ownership are _
fee simple - partial estate - and life estate
replacement cost
CAMA
County multipliers

6. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Township Board; City Council
market comparison approach; cost approach
desirability
Michigan Constitution

7. The income approach calculates the _ of a future income stream
present worth
effective gross income
potential income; vacancy - bad debt and operating expenses
by contacting one of the parties to the transaction (buyer - seller - or realtor)

8. Value is determined by _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
GRM X MARKET RENT = MARKET VALUE
gross rent multipliers
utility - scarcity - desirability - transferability

9. In a residential neighborhood - the measurement usually used in developing cost is _
fee simple
Front foot
present worth
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

10. Movable irrigation systems including pumps not an integral part of a well are _ and are _
March BOR
agricultural personal property; exempt
Form L-4022
demand one

11. There are _ in a geographical township
50%; usual selling price
36 sections
5 -280 lineal feet
Michigan Constitution

12. Vacant land adjustments have to be made for differences in _
December 31
Interest or discount
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
the property owner or lessee - or the local government may begin the process of its own volition

13. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
The Land Residual
never the land
electors
reducing

14. Requires that the ratio of assessments to true cash value not exceed 50%
Michigan Constitution
February 20
income approach
CAMA

15. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
supervisor
estimate the assessment
sales comparison
soil survey; land value

16. If a business fails to file a personal property statement - the assessor shall _
track land sales
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
estimate the assessment
General Land Office survey

17. Personal property may be _
tangible or intangible
the property owner or lessee - or the local government may begin the process of its own volition
northeast corner with section 1 and proceed west to section 6
Genesee County

18. When appraising a commercial building - you should remember that unlike building - land is...
never depreciated
not standard depth
Front foot
is

19. _ is used to adjust the cosst approach to market value for residential properties
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
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
sales prices of other parcels similar to the property being appraised
Economic condition factor

20. The rights of ownership removed by government are _
power to tax - eminent domain - police power - escheat
Tuesday following Third Monday
are not
Cost Approach

21. Sections in a township start _
Michigan General Property Tax Act
July; July Board of Review
northeast corner with section 1 and proceed west to section 6
cost - sales comparison (market) - and income

22. The difference between commercial and industrial property is _
specific tax
Income / rate
sales prices of other parcels similar to the property being appraised
Industrial Facility Tax Abatement

23. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
40
taxes
sales prices of other parcels similar to the property being appraised
direct sales comparison

24. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
$1 per acre
Taxable Value x Millage Rate = Tax Bill
power to tax - eminent domain - police power - escheat
income

25. Special assessments are not levied on all real and personal property that...
power to tax - eminent domain - police power - escheat
cost
Open Meetings Act
benefits from the special assessment

26. IFT certificates are granted for _ years with a possible 2-year construction period
Summation Method- Bank of Investment Method - and Market Comparison Method
Taxable Value x Millage Rate = Tax Bill
12
local government unit

27. 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
owners and interested parties of the property to be assessed
directly benefit
Form L-4024

28. The physical land and any structure attached to it
benefits from the special assessment
real estate
Triangle computation of area
Tuesday following First Monday

29. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
direct sales comparison
are not
expenses allowable
Form L-4046

30. Buildings on leased lands _ personal property
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Michigan General Property Tax Act
Taxable Value x Millage Rate = Tax Bill
are

31. The _ to value is best used for mass appraisals being done by the assessor.
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
CAMA
1 rod
Cost Approach

32. Notice of special assessment public hearings must be given to _
12
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
owners and interested parties of the property to be assessed
Economic condition factor

33. The Tuesday following the third Monday in _ is the _ meeting.
July; July Board of Review
not standard depth
Open Meetings Act
hear appeals from taxpayers or their agents

34. CAMA system should estimate replacement cost new less depreciation in the _ approach
Site/location
cost
real and personal
typical farm buildings

35. Half the base times the height
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
county multipliers
operating expenses
Triangle computation of area

36. The usual reference source regarding assessment and taxes
Cost Approach
never the land
Form L-4025
General Property Tax Act

37. Members of the Board of Review must be _ of the township
electors
the property owner or lessee - or the local government may begin the process of its own volition
cost - sales comparison (market) - and income
beginning value the following year

38. Economic condition factors (are/are not) applied to land and buildings
exempted
typical farm buildings
are not
owners and interested parties of the property to be assessed

39. In a township - the _ is the secretary of the Board of Review
a plus adjustemnt for the fireplace to the comp
supervisor
income / value
Genesee County

40. True cash value is _
Rectangular computation of area
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
expenses allowable
assessor and Board of Review

41. The _ determines the size for rates
July and December BOR
ground floor area
5 -280 lineal feet
reproduction cost

42. There are _ in a section
640 acres
real and personal
contract rent
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

43. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
50%; usual selling price
Federal Northwest
Taxable Value X Millage Rate

44. Used to estimate the cost of constructing improvements to the land
not standard depth
cost approach
determining the primary use of the property; in this case probably agricultural or residential
July and December BOR

45. _ are used to value income-producing residential property
value in exchange
gross rent multipliers
northeast corner with section 1 and proceed west to section 6
Private Forest Reserve

46. _ is the rent actually received for a property
Genesee County
Taxable Value X Millage Rate
contract rent
$421 -052

47. 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
specific tax
sales prices of other parcels similar to the property being appraised
General Land Office survey
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

48. Personal property statemetns are due on _
February 20
by contacting one of the parties to the transaction (buyer - seller - or realtor)
never the land
desirability

49. Definition of ad valorem
exempt
ground floor area
economic obsolescense
at value

50. The definition of the economic principle of highest and best use is _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
real estate
December 31
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