Montana Code 15-8-512. Common elements serving residential or commercial development
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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.
Terms Used In Montana Code 15-8-512
- common elements: has the meaning provided in 70-23-102. See Montana Code 15-8-511
- Contract: A legal written agreement that becomes binding when signed.
(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.