§ 105-277.8. Taxation of property of nonprofit homeowners' association.
§105‑277.8. Taxation of property of nonprofit homeowners' association.
(a) The value of realand personal property owned by a nonprofit homeowners' association shall beincluded in the appraisals of property owned by members of the association andshall not be assessed against the association if:
(1) All property ownedby the association is held for the use, benefit, and enjoyment of all membersof the association equally;
(2) Each member of theassociation has an irrevocable right to use and enjoy, on an equal basis, allproperty owned by the association, subject to any restrictions imposed by theinstruments conveying the right or the rules, regulations, or bylaws of theassociation; and
(3) Each irrevocableright to use and enjoy all property owned by the association is appurtenant totaxable real property owned by a member of the association.
The assessor may allocate thevalue of the association's property among the property of the association'smembers on any fair and reasonable basis.
(b) As used in thissection, "nonprofit homeowners' association" means a homeowners'association as defined in § 528(c) of the Internal Revenue Code. (1979,c. 686, s. 1; 1987, c. 130.)