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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 three categories of depreciation are _
physical - functional - and economic
exempt
Circle computation of area
Taxable Value x Millage Rate = Tax Bill

2. Special assessments are not levied on all real and personal property that...
benefits from the special assessment
utility - scarcity - desirability - transferability
CAMA
3/4 Proposal

3. 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.
Form L-4260
depreciation
1 rod
3/4 Proposal

4. The market rent times the number of units availabe to rent is _
CAMA
potential gross income
Triangle computation of area
never the land

5. Potential income minus vacancy - bad debt - and operating expenses is the _
Form L-4154
to hear appeals of the tentative taxable value
net income
1 rod

6. The highest degree of ownership
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
fee simple
real and personal

7. The formula for calculating value is _
General Property Tax Act
potential income; vacancy - bad debt and operating expenses
value in use
Income / rate

8. The value of vacant land is estimated using _
to hear appeals of the tentative taxable value
sales prices of other parcels similar to the property being appraised
General Property Tax Act
median

9. Special assessments must _ the properties in the district
sales comparison
Form L-4054
directly benefit
reproduction cost

10. A platted subdivision is described by _
hear appeals from taxpayers or their agents
power to tax - eminent domain - police power - escheat
Form L-4054
lots and blocks

11. To calculate a gross rent multiplier - _
demand one
Divide the sales price by the gross rent
February 20
GRM X MARKET RENT = MARKET VALUE

12. Requires that the ratio of assessments to true cash value not exceed 50%
real and personal
replacement cost new; depreciation
owners and interested parties of the property to be assessed
Michigan Constitution

13. Buildings on leased lands _ personal property
are
lots and blocks
Township Board; City Council
demand one

14. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
Township Board; City Council
supervisor
replacement cost new; depreciation
July and December BOR

15. In a township - the _ is the secretary of the Board of Review
supervisor
February 20
utility - scarcity - desirability - transferability
Interest or discount

16. The most common types of ownership are _
fee simple - partial estate - and life estate
State Tax Commission
cost approach
exempt

17. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
reproduction cost
hear appeals from taxpayers or their agents
operating expenses
Taxable Value X Millage Rate

18. 1 acre =
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
February 20
43 -560 square feet

19. The government retains the following powers
demand one
CAMA
physical - functional - and economic
taxation - eminent domain - and police powers

20. Enacted in 1893
Michigan General Property Tax Act
$1 per acre
utility - scarcity - desirability - transferability
life estate

21. CAMA system should estimate replacement cost new less depreciation in the _ approach
cost
reproduction cost
# of acres times 43 -560 divided by known dimension
beginning value the following year

22. Churches - schools - libraries and similar institutions are usually...
branches
Summation Method- Bank of Investment Method - and Market Comparison Method
expenses not allowable
exempt

23. 1 mile =
5 -280 lineal feet
sales prices of other parcels similar to the property being appraised
branches
the property owner or lessee - or the local government may begin the process of its own volition

24. Most taxpayers must appeal to the local _ before appealing to the _
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
Board of Review; Michigan Tax Tribunal
# of acres times 43 -560 divided by known dimension
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

25. Tax day
December 31
March BOR
Income / rate
exempted

26. Sections in a township start _
Rectangular computation of area
real property
contract rent
northeast corner with section 1 and proceed west to section 6

27. Inventory (is/is not) exempt
Taxable Value x Millage Rate = Tax Bill
at value
is
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

28. is the rent a property could command on the open market
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
cost - sales comparison (market) - and income
the property owner or lessee - or the local government may begin the process of its own volition
market rent

29. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
beginning value the following year
at value
Industrial Facility Tax Abatement
Form L-4023

30. The _ determines the size for rates
Tuesday following Third Monday
General Land Office survey
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
ground floor area

31. _ 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
the property owner or lessee - or the local government may begin the process of its own volition
value in use
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Form L-4046

32. Length times the width
Rectangular computation of area
fee simple
local government unit
taxation - eminent domain - and police powers

33. Formula used to calculate taxes is _
Taxable Value X Millage Rate
local government unit
are not
Tuesday following; first Monday in March

34. The _ to value is best used for mass appraisals being done by the assessor.
net income
Cost Approach
sales prices of other parcels similar to the property being appraised
branches

35. Approved by voters in 1978
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
Form L-4260
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Headlee Amendment

36. The cost approach is used to estimate _ of an _
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Township Board; City Council
market value; existing property
owners and interested parties of the property to be assessed

37. Movable irrigation systems including pumps not an integral part of a well are _ and are _
agricultural personal property; exempt
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
taxes
life estate

38. Capped value is _

39. Equity within the 83 counties of the state is the responsibility of the _
State Tax Commission
cost
Capitalizaiton rate
income

40. The value property has in a specific use
value in use
$1 per acre
sales comparison
Summation Method- Bank of Investment Method - and Market Comparison Method

41. Management costs in timber-cutover include _ which are usually the largest expense in this classification
Michigan Constitution
replacement cost
ground floor area
taxes

42. July Board of Review begins
Economic condition factor
Tuesday following Third Monday
market comparison approach; cost approach
value in exchange

43. The formula for using a gross rent multiplier to determine market value is _
GRM X MARKET RENT = MARKET VALUE
Divide the sales price by the gross rent
soil survey; land value
northeast corner with section 1 and proceed west to section 6

44. _ are applied to the cost schedules in the manuals
County multipliers
contract rent
expenses allowable
July and December BOR

45. Methods used to describe property in Michigan
Rectangular survey; metes and bounds; platted or recorded subdivision
Private Forest Reserve
potential gross income
Tuesday following First Monday

46. Notice of special assessment public hearings must be given to _
owners and interested parties of the property to be assessed
never depreciated
effective gross income
May 1

47. Computer assisted mass appraisal
tangible or intangible
CAMA
directly benefit
not standard depth

48. _ is a loss of utility and therefore of value from any cause
depreciation
agricultural personal property; exempt
Industrial Facility Tax Abatement
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions

49. The BOR _ and _ the roll
is
Site/location
receives and reviews
# of acres times 43 -560 divided by known dimension

50. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
Form L-4024
gross rent multipliers
effective gross income
cost - sales comparison (market) - and income