Assessment of common areas for tax purposes.

Authors: Representative Dale DeVon

Digest

Provides that a common area may not be subjected to a property tax liability in excess of one dollar for any assessment date. Defines "common area" as a parcel of land in a residential development that: (1) is legally reserved for the exclusive use and enjoyment of all lot owners; (2) is owned by the developer, or each lot owner, or a person or entity that holds title to the land for the benefit of the lot owners; and (3) cannot be transferred for value to another party without the approval of the lot owners. Provides that the owner may file a notice of review before the county board of tax appeals concerning a determination not to assess property as a common area. Provides that an owner who is the prevailing party in an action challenging a determination not to assess the property as a common area may recover reasonable attorney's fees from the opposing party.