15-8-511. Undivided interest in common elements of condominium project. (1) Each unit of a condominium project is considered a parcel of real property subject to separate assessment and taxation. Each unit owner must be assessed for the unit owner's percentage of undivided interest in elements of the condominium project, except parks, owned in common by the unit owners. The percentage of undivided interest stated in a unit declaration is the figure to be used in assessing common elements under this section.
     (2) Unless otherwise agreed by all the unit owners, for purposes of assessment common elements include:
     (a) the land on which the building is located, except any portion thereof included in a unit or made a limited common element by the declaration;
     (b) the foundations, columns, girders, beams, supports, mainwalls, roofs, halls, corridors, lobbies, stairs, fire escapes, entrances, and exits of the building;
     (c) the basements, yards, gardens, parking areas, outside storage spaces, private pathways, sidewalks, and private roads;
     (d) installations of central services such as power, light, gas, hot and cold water, heating, refrigeration, air conditioning, waste disposal, and incinerating;
     (e) the elevators, tanks, pumps, motors, fans, compressors, ducts, and in general all apparatus and installations existing for common use;
     (f) the premises for the lodging of janitors or caretakers of the property; and
     (g) all other elements of the building necessary or convenient to its existence, maintenance, and safety and normally in common use.

     History: En. Sec. 1, Ch. 452, L. 1985.