46:8A-6 - Ownership of apartments; of common elements; value - New Jersey Statutes

46:8A-6.  Ownership of apartments;  of common elements;  value
    In each regime an apartment owner shall have the exclusive ownership of his  apartment and shall have a proportionate undivided interest in the general  common elements, equivalent to the percentage of the aggregate value of all the  apartments represented by the value of his own apartment. Where limited common  elements have been reserved for the use of his apartment, his proportionate  undivided interest therein shall be equivalent to the percentage of the  aggregate value of all apartments entitled to the use of said limited common  elements represented by the value of his own apartment.

    For the sole purpose of establishing said percentages, the value of each apartment and the aggregate value of all the apartments in the regime shall be fixed by the owner or coowners of the property making up the regime, and shall be computed on the basis of the fair market value of said apartments at the time when the regime is established;  provided, however, that nothing herein contained shall prevent the owner of each apartment from attributing a different circumstantial value to his apartment in all types of acts and contracts.  Said percentages shall have a permanent character, and shall not be  altered without the acquiescence of the coowners of all the apartments in the  regime.

     L.1963, c. 168, s. 6.  Amended by L.1978, c. 124, s. 4, eff. Oct. 5, 1978.