§ 47C-1-105. Separate titles and taxation. - North Carolina Statutes

§ 47C‑1‑105. Separate titles and taxation.

(a)        If there is any unit owner other than a declarant, each unitthat has been created, together with its interest in the common elements,constitutes for all purposes a separate parcel of real estate.

(b)        If there is any unit owner other than a declarant, each unitmust be separately taxed and assessed, and no separate tax or assessment may berendered against any common elements for which a declarant has reserved nodevelopmental rights.

(c)        Any portion of the common elements for which the declaranthas  reserved any developmental right must be separately taxed and assessedagainst the declarant, and the declarant alone is liable for payment of thosetaxes.

(d)        If there is no unit owner other than a declarant, the realestate comprising the condominium may be taxed and assessed in any mannerprovided by law. (1985 (Reg. Sess.,1986), c. 877, s. 1.)