15-8-512. Common elements serving residential or commercial development. (1) Each lot in a residential or commercial development, regardless of whether improved or unimproved, is considered a parcel of real property subject to separate assessment and taxation. The value of common elements must be allocated to each lot owner pursuant to 15-8-111.
(2) The assessment provisions of subsection (1) are not negated by the existence or formation of a contract between the developer and lot purchasers or an agreement among lot purchasers that would attempt to obligate the developer or an association of lot owners to pay taxes on the common elements.
History: En. Sec. 2, Ch. 452, L. 1985; amd. Sec. 3, Ch. 379, L. 2005.
Structure Montana Code Annotated
Chapter 8. Assessment Procedure
Part 5. To Whom Property Is Assessed
15-8-501. Assessment of unknown or absent owners
15-8-502. Representative status to be designated
15-8-503. Undistributed property of deceased persons
15-8-504. Property and money in litigation
15-8-505. through 15-8-510 reserved
15-8-511. Undivided interest in common elements of condominium project -- definition
15-8-512. Common elements serving residential or commercial development