The association of unit owners shall elect whether:
A. the entire property shall be deemed a single parcel for the purposes of assessment and taxation, in which event the association shall promptly notify the unit owners of the payment of the taxes. For purposes of assessment or valuation and taxation under this paragraph, the association shall be deemed to be the owner as defined in Section 7-35-2 NMSA 1978; or
B. each unit and its percentage of undivided interest in the common areas and facilities shall be deemed to be a parcel and shall be subject to separate assessment and taxation by each assessing unit and special district for all types of taxes authorized by law, including ad valorem levies and special assessments.
History: 1953 Comp., § 70-4-22, enacted by Laws 1963, ch. 221, § 22; 1975, ch. 318, § 23.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Condominiums and Cooperative Apartments §§ 5, 9, 29, 48 to 50.
Real estate taxation of condominiums, 71 A.L.R.3d 952.
31 C.J.S. Estates § 153 et seq.
Structure 2021 New Mexico Statutes
Article 7 - Building Unit Ownership
Section 47-7-3 - Application of act.
Section 47-7-4 - Status of the units.
Section 47-7-5 - Ownership of units.
Section 47-7-6 - Common areas and facilities.
Section 47-7-7 - Compliance with covenants; bylaws; administrative provisions.
Section 47-7-8 - Certain work prohibited.
Section 47-7-9 - Liens against units; removal from lien; effect of part payment.
Section 47-7-10 - Common profits and expenses.
Section 47-7-11 - Contents of declaration.
Section 47-7-12 - Declaration; apportionment of interest.
Section 47-7-13 - Contents of deeds of units.
Section 47-7-14 - Copy of the floor plans to be filed.
Section 47-7-15 - Blanket encumbrances affecting a unit at time of first conveyance.
Section 47-7-17 - Removal from provisions of the Building Unit Ownership Act.
Section 47-7-18 - Removal no bar to subsequent resubmission.
Section 47-7-20 - Contents of bylaws.
Section 47-7-21 - Books of receipts and expenditures; availability for examination.
Section 47-7-22 - Waiver of use of common areas and facilities; abandonment of unit.
Section 47-7-24 - Priority of lien.
Section 47-7-25 - Joint and several liability of grantor and grantee for unpaid common expenses.
Section 47-7-25.1 - Merger or consolidation of condominiums.