55-79.42 - Separate assessments, titles and taxation. - Virginia Statutes

§ 55-79.42. Separate assessments, titles and taxation.

Except as provided in the following sentence, each condominium unitconstitutes for all purposes a separate parcel of real estate. If there isany unit owner other than the declarant, each unit, together with its commonelement interest, but excluding its common element interest in convertibleland and in any withdrawable land within which the declarant has the right tocreate units and/or limited common elements shall be separately assessed andtaxed. Each convertible land and withdrawable land within which the declaranthas the right to create units and/or limited common elements shall beseparately assessed and taxed against the declarant.

(1974, c. 416; 1986, c. 324.)