§ 34-36.1-1.05 - Separate titles and taxation.
SECTION 34-36.1-1.05
§ 34-36.1-1.05 Separate titles andtaxation. – (a) If there is any unit owner other than a declarant, each unit that has beencreated, together with its interest in the common elements, constitutes for allpurposes a separate parcel of real estate.
(b) If there is any unit owner other than a declarant, eachunit must be separately taxed and assessed, and no separate tax or assessmentmay be rendered against any common elements for which a declarant has reservedno development rights.
(c) Any portion of the common elements for which thedeclarant has reserved any development rights must be separately taxed andassessed against the declarant, and the declarant alone is liable for paymentof those taxes.
(d) If there is no unit owner other than a declarant, thereal estate comprising the condominium may be taxed and assessed in any mannerprovided by law.