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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. In a cost approach program - the computer system should estimate _ less _
operating expenses
expenses allowable
replacement cost new; depreciation
cost approach

2. The formula for calculating tax bills is _
$1 per acre
Genesee County
adverse possession
Taxable Value x Millage Rate = Tax Bill

3. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
to hear appeals of the tentative taxable value
Taxable Value x Millage Rate = Tax Bill
sales prices of other parcels similar to the property being appraised
are not

4. _ are applied to the cost schedules in the manuals
beginning value the following year
County multipliers
estimate the assessment
1 rod

5. Personal property forms must be approved by the _
ground floor area
State Tax Commission
Taxable Value x Millage Rate = Tax Bill
sales prices of other parcels similar to the property being appraised

6. The _ determines the size for rates
are
12
adverse possession
ground floor area

7. Equity within the county is the responsibility of the _
County Board of Commissioners
reducing
demand one
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

8. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
Michigan Constitution
40
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
General Property Tax Act

9. The _ to value is best used for mass appraisals being done by the assessor.
July; July Board of Review
Cost Approach
power to tax - eminent domain - police power - escheat
county multipliers

10. The four basic steps in the sales comparison approach is _
exterior
soil survey; land value
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

11. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Township Board; City Council
# of acres times 43 -560 divided by known dimension
Circle computation of area
October 31

12. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
income / value
determining the primary use of the property; in this case probably agricultural or residential
direct sales comparison
October 31

13. Taxable unless specifically exempted
real estate
real and personal
exempted
depreciation

14. The usual reference source regarding assessment and taxes
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
real property
economic obsolescense
General Property Tax Act

15. IFT certificates are granted for _ years with a possible 2-year construction period
12
fee simple
transferability
GRM X MARKET RENT = MARKET VALUE

16. Vacant land adjustments have to be made for differences in _
July; July Board of Review
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
partial estate
Form L-4025

17. Cost to construct an exact duplicate of the subject
October 31
General Property Tax Act
reproduction cost
income / value

18. The government is authorized to levy taxes in the _
receives and reviews
Triangle computation of area
Michigan Constitution
# of acres times 43 -560 divided by known dimension

19. _ is used to adjust the cosst approach to market value for residential properties
first Monday in June
Economic condition factor
receives and reviews
Tuesday following First Monday

20. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
value in use
Form L-4046
effective gross income
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

21. Approved by voters in 1978
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
October 31
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Headlee Amendment

22. Deadline for filing personal property statements
expenses allowable
February 20
Taxable Value X Millage Rate
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions

23. Monday December Board of Review begins
first Monday in June
ground floor area
Tuesday following the second
never depreciated

24. Movable irrigation systems including pumps not an integral part of a well are _ and are _
economic obsolescense
agricultural personal property; exempt
State Tax Commission
exempt

25. In heavily wooded areas where property lines may be difficult to identify - it is important that the owners protect their property from being claimed under _
Form L-4025
present worth
State Tax Commission
adverse possession

26. _ 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
fee simple
Taxable Value x Millage Rate = Tax Bill
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
# of acres times 43 -560 divided by known dimension

27. Definition of ad valorem
sales comparison
at value
direct sales comparison
hear appeals from taxpayers or their agents

28. Pole barns - silos - and large grain bins are considered _
reducing
sales comparison approach
typical farm buildings
market value; existing property

29. Buildings on leased lands _ personal property
present worth
potential gross income
are
Genesee County

30. Inventory (is/is not) exempt
receives and reviews
Rectangular computation of area
depreciation
is

31. It is necessary to have an evening meeting unless the residents...
Replacement cost
Economic condition factor
3/4 Proposal
demand one

32. Personal property statemetns are due on _
February 20
adverse possession
Form L-4022
direct sales comparison

33. The three categories of depreciation are _
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
beginning value the following year
physical - functional - and economic
Private Forest Reserve

34. Capped value is _

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35. Depreciation in the assessing process is expressed as a _
determining the primary use of the property; in this case probably agricultural or residential
discount rate - recapture rate - effective tax rate
percent good
northeast corner with section 1 and proceed west to section 6

36. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
supervisor
reproduction cost
fee simple
soil survey; land value

37. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
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
market value; existing property
Form L-4022
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

38. It (is not necessary to use __________ when valuing agricultural property.
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
income approach
county multipliers
General Property Tax Act

39. The value of vacant land is estimated using _
3/4 Proposal
exempt
36 sections
sales prices of other parcels similar to the property being appraised

40. All meetings of the BOR are governed by the _
northeast corner with section 1 and proceed west to section 6
Open Meetings Act
taxation - eminent domain - and police powers
the property owner or lessee - or the local government may begin the process of its own volition

41. The formula for using a gross rent multiplier to determine market value is _
GRM X MARKET RENT = MARKET VALUE
operating expenses
Divide the sales price by the gross rent
tangible or intangible

42. Enacted in 1893
Michigan General Property Tax Act
rate x value
reproduction cost
desirability

43. The three principal steps in the cost approach are _
Cost Approach
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
July; July Board of Review
July and December BOR

44. The formula for calculating value is _
State Tax Commission
Income / rate
determining the primary use of the property; in this case probably agricultural or residential
fee simple

45. The return on the investment called in the capitalization rate is _
State Tax Commission
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
exempted
Interest or discount

46. The difference between commercial and industrial property is _
reducing
Industrial Facility Tax Abatement
exterior
Number 1

47. The government retains the following powers
value in exchange
taxation - eminent domain - and police powers
Site/location
exempted

48. Personal property may be _
tangible or intangible
Front foot
life estate
local government unit

49. In a residential neighborhood - the measurement usually used in developing cost is _
Tuesday following the second
Front foot
February 20
March BOR

50. The _ must approve the application for an IFT before the State Tax Commission approves the application
local government unit
Cost Approach
exempt
sales comparison approach