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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. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
expenses not allowable
market rent
Form L-4024
February 20

2. The formula for calculating rate is _
Form L-4022
February 20
Taxable Value X Millage Rate
income / value

3. 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
track land sales
Reproduction cost
fee simple - partial estate - and life estate

4. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
General Property Tax Act
February 20
are
Form L-4046

5. The formula for using a gross rent multiplier to determine market value is _
is
GRM X MARKET RENT = MARKET VALUE
assessor and Board of Review
Form L-4260

6. In a residential neighborhood - the measurement usually used in developing cost is _
Capitalizaiton rate
Front foot
value in exchange
sales prices of other parcels similar to the property being appraised

7. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
market comparison approach; cost approach
Interest or discount
is
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

8. Length times the width
July; July Board of Review
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Rectangular computation of area
partial estate

9. _ is a loss in value caused by factors outside the property
Capitalizaiton rate
economic obsolescense
rate x value
50%; usual selling price

10. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
beginning value the following year
Site/location
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
expenses allowable

11. The definition of market value is _
Capitalizaiton rate
February 20
value in use
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

12. There are _ in a section
640 acres
July and December BOR
March BOR
Board of Review; Michigan Tax Tribunal

13. Who may ask for establishment of an industrial facility tax exemption district?
percent good
is
life estate
the property owner or lessee - or the local government may begin the process of its own volition

14. Michigan's Constitution provides for _ of taxation
Tuesday following the second
value in use
July and December BOR
uniform rates

15. Taxable unless specifically exempted
real and personal
income approach
power to tax - eminent domain - police power - escheat
3/4 Proposal

16. The first meeting of the BOR is held on the _
Tuesday following; first Monday in March
market rent
replacement cost
CAMA

17. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
uniform rates
Site/location
$1 per acre
a plus adjustemnt for the fireplace to the comp

18. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ 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
Form L-4154
estimate the assessment
income

19. Most taxpayers must appeal to the local _ before appealing to the _
Summation Method- Bank of Investment Method - and Market Comparison Method
Form L-4154
property record cards and assessment maps
Board of Review; Michigan Tax Tribunal

20. Management costs in timber-cutover include _ which are usually the largest expense in this classification
taxes
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
supervisor
transferability

21. The market rent times the number of units availabe to rent is _
Rectangular computation of area
expenses not allowable
potential gross income
are

22. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
Federal Northwest
a plus adjustemnt for the fireplace to the comp
real property
determining the primary use of the property; in this case probably agricultural or residential

23. IFT's affect only the building value...
gross rent multipliers
property record cards and assessment maps
12
never the land

24. _ is the rent actually received for a property
Divide the sales price by the gross rent
March BOR
Form L-4024
contract rent

25. Net income is _ minus _
potential income; vacancy - bad debt and operating expenses
electors
transferability
net income

26. The CAMA system should be able to select comparable sales - make adjustments to the comps - and come up with an estimate of market value for the subject in the _ approach
Front foot
northeast corner with section 1 and proceed west to section 6
43 -560 square feet
sales comparison

27. Unknown dimension formula
Federal Northwest
Michigan Constitution
# of acres times 43 -560 divided by known dimension
uniform rates

28. One use of land value maps is to _
Summation Method- Bank of Investment Method - and Market Comparison Method
track land sales
February 20
expenses allowable

29. If a business fails to file a personal property statement - the assessor shall _
1 rod
estimate the assessment
median
potential gross income

30. May change assessment for current year
replacement cost new; depreciation
March BOR
value in exchange
Board of Review; Michigan Tax Tribunal

31. The right to use - occupy - and control a property for the length of the lessee's life
Triangle computation of area
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
life estate
net income

32. The formula for calculating value is _
5 -280 lineal feet
Federal Northwest
Income / rate
cost approach

33. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
utility - scarcity - desirability - transferability
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
Form L-4260

34. 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
October 31
power to tax - eminent domain - police power - escheat
income / value

35. The three categories of depreciation are _
Michigan General Property Tax Act
physical - functional - and economic
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
County multipliers

36. Compares the property beign appraised to similar properties that have recently sold
desirability
sales comparison approach
5 -280 lineal feet
electors

37. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
Form L-4154
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
The Land Residual
replacement cost new; depreciation

38. A platted subdivision is described by _
replacement cost
Income / rate
track land sales
lots and blocks

39. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
General Property Tax Act
northeast corner with section 1 and proceed west to section 6
beginning value the following year
replacement cost

40. True cash value is _
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
July and December BOR
uniform rates
adverse possession

41. The usual reference source regarding assessment and taxes
Tuesday following Third Monday
specific tax
Tuesday following First Monday
General Property Tax Act

42. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
State Tax Commission
Private Forest Reserve
soil survey; land value
sales prices of other parcels similar to the property being appraised

43. Deadline for filing personal property statements
Tuesday following Third Monday
February 20
not standard depth
beginning value the following year

44. Buildings on leased lands _ personal property
track land sales
life estate
are
Federal Northwest

45. The four basic steps in the sales comparison approach is _
discount rate - recapture rate - effective tax rate
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
Tuesday following First Monday
local government unit

46. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
40
Genesee County
are
3/4 Proposal

47. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
reproduction cost
median
cost - sales comparison (market) - and income
3/4 Proposal

48. Computer assisted mass appraisal
CAMA
$1 per acre
replacement cost new; depreciation
36 sections

49. The value of vacant land is estimated using _
Income / rate
sales prices of other parcels similar to the property being appraised
northeast corner with section 1 and proceed west to section 6
agricultural personal property; exempt

50. Economic condition factors (are/are not) applied to land and buildings
40
March BOR
are not
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines