448.1-105. Separate titles and taxation.
Separate titles and taxation.
448.1-105. 1. If there is any unit owner other than adeclarant, each unit which has been created, together with itsinterest in the common elements, constitutes for all purposes aseparate parcel of real estate.
2. If there is any unit owner other than a declarant, eachunit shall be separately taxed and assessed, and no separate taxor assessment may be rendered against any common elements forwhich a declarant has reserved no development rights.
3. Any portion of the common elements for which thedeclarant has reserved any development right shall be separatelytaxed and assessed against the declarant, and the declarant aloneis liable for payment of those taxes.
4. If there is no unit owner other than a declarant, thereal estate comprising the condominium may be taxed and assessedin any manner provided by law.
(L. 1983 H.B. 177)