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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
potential gross income
soil survey; land value
Tuesday following First Monday
partial estate

2. A consumer must be able to purchasee the property
transferability
Capitalizaiton rate
Tuesday following First Monday
value in exchange

3. You verify a sale _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Number 1
October 31
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

4. 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
Summation Method- Bank of Investment Method - and Market Comparison Method
Taxable Value x Millage Rate = Tax Bill
specific tax
Taxable Value X Millage Rate

5. Capped value is _

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6. The BOR _ and _ the roll
3/4 Proposal
receives and reviews
to hear appeals of the tentative taxable value
exempt

7. Net income is _ minus _
net income
expenses not allowable
potential income; vacancy - bad debt and operating expenses
exempt

8. The capitalization rate includes the _ - _ and the _
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
Rectangular survey; metes and bounds; platted or recorded subdivision
first Monday in June
discount rate - recapture rate - effective tax rate

9. _ are those expenses necessary for generating income. This includes reserves for replacements - accounting fees - advertising costs - maintenance costs such as lawn care - snow removal - repairs - trash removal - utilities - and a maintenance manager
contract rent
Form L-4260
percent good
expenses allowable

10. The _ must approve the application for an IFT before the State Tax Commission approves the application
Rectangular survey; metes and bounds; platted or recorded subdivision
640 acres
County Board of Commissioners
local government unit

11. _ are applied to the cost schedules in the manuals
Board of Review; Michigan Tax Tribunal
Tuesday following Third Monday
County multipliers
beginning value the following year

12. It (is not necessary to use __________ when valuing agricultural property.
Cost Approach
Triangle computation of area
February 20
county multipliers

13. Movable irrigation systems including pumps not an integral part of a well are _ and are _
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
agricultural personal property; exempt
is
sales comparison

14. Definition of ad valorem
at value
replacement 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
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

15. Requires that the ratio of assessments to true cash value not exceed 50%
Michigan Constitution
CAMA
Form L-4025
Tuesday following; first Monday in March

16. The market rent times the number of units availabe to rent is _
CAMA
track land sales
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
potential gross income

17. Pole barns - silos - and large grain bins are considered _
Tuesday following First Monday
local government unit
tangible or intangible
typical farm buildings

18. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
cost approach
are not
is
replacement cost

19. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
value in exchange
value in use
Tuesday following Third Monday
determining the primary use of the property; in this case probably agricultural or residential

20. It is necessary to have an evening meeting unless the residents...
Open Meetings Act
February 20
demand one
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

21. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
Private Forest Reserve
Site/location
cost
February 20

22. There are _ in a geographical township
owners and interested parties of the property to be assessed
36 sections
County multipliers
directly benefit

23. Churches - schools - libraries and similar institutions are usually...
utility - scarcity - desirability - transferability
exempt
Income / rate
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

24. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Township Board; City Council
Cost Approach
value in use
net income

25. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
ground floor area
Headlee Amendment
track land sales
Federal Northwest

26. The return on the investment called in the capitalization rate is _
Interest or discount
depreciation
physical - functional - and economic
Form L-4022

27. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
county multipliers
Interest or discount
Private Forest Reserve
estimate the assessment

28. The amount of money or goods you can receive if you sell property
cost approach
operating expenses
value in exchange
market comparison approach; cost approach

29. Public rights-of-way are _
replacement cost new; depreciation
exempt
power to tax - eminent domain - police power - escheat
Tuesday following the second

30. Deadline for filing Principal Residence Affidavits
Interest or discount
partial estate
sales comparison
May 1

31. The _ to value is best used for mass appraisals being done by the assessor.
depreciation
Cost Approach
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
to hear appeals of the tentative taxable value

32. The definition of market value is _
Income / rate
expenses not allowable
640 acres
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

33. The right to use - occupy - and control a property for the length of the lessee's life
life estate
50%; usual selling price
$1 per acre
real property

34. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
lots and blocks
General Property Tax Act
October 31

35. The _ determines the size for rates
ground floor area
specific tax
Form L-4054
operating expenses

36. Monday December Board of Review begins
Tuesday following the second
Number 1
median
Rectangular survey; metes and bounds; platted or recorded subdivision

37. The physical land and any structure attached to it
Replacement cost
Cost Approach
value in exchange
real estate

38. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
$1 per acre
Form L-4046
Headlee Amendment
Michigan Constitution

39. _ is a loss in value caused by factors outside the property
economic obsolescense
value in exchange
property record cards and assessment maps
5 -280 lineal feet

40. The three categories of depreciation are _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
State Tax Commission
physical - functional - and economic
beginning value the following year

41. Initial survey point for Michigan at the intersection of two streets
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
reducing
Front foot
Genesee County

42. Personal property statemetns are due on _
cost
February 20
track land sales
median

43. The government is authorized to levy taxes in the _
Michigan Constitution
partial estate
Reproduction cost
12

44. 1 acre =
value in use
43 -560 square feet
Front foot
expenses not allowable

45. In July and December - the BOR may meet to _
effective gross income
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
3/4 Proposal
are not

46. Market value of property is _
Board of Review; Michigan Tax Tribunal
fee simple - partial estate - and life estate
county multipliers
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

47. A consumer must want the product for it to have value
first Monday in June
power to tax - eminent domain - police power - escheat
640 acres
desirability

48. Tax day
life estate
transferability
Site/location
December 31

49. Special assessments are not levied on all real and personal property that...
# of acres times 43 -560 divided by known dimension
partial estate
net income
benefits from the special assessment

50. The rights of ownership removed by government 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
50%; usual selling price
State Tax Commission
power to tax - eminent domain - police power - escheat