Statutes > Iowa Statutes > Title 12 - Business Entities > Subtitle 3 - Associations > CHAPTER 499B - HORIZONTAL PROPERTY (CONDOMINIUMS) > 499B.11 - REAL PROPERTY TAX AND SPECIAL ASSESSMENTS -- LEVY ON EACH APARTMENT.

499B.11 - REAL PROPERTY TAX AND SPECIAL ASSESSMENTS -- LEVY ON EACH APARTMENT.

        499B.11  REAL PROPERTY TAX AND SPECIAL ASSESSMENTS --      LEVY ON EACH APARTMENT.         1.  All real property taxes and special assessments shall be      assessed and levied on each apartment and its respective appurtenant      fractional share or percentage of the land, general common elements      and limited common elements where applicable as these apartments and      appurtenances are separately owned, and not on the entire horizontal      property regime.  The fair market value determined for an apartment      includes the value of its appurtenant share or percentage of the      land, general common elements, and limited common elements.         2.  Any exemption from taxes that may exist on real property or      the ownership thereof shall not be denied by virtue of the      registration of the property under the provisions of this chapter.
         Section History: Early Form
         [C66, 71, 73, 75, 77, 79, 81, § 499B.11]
         Section History: Recent Form
         99 Acts, ch 187, §1, 2; 2000 Acts, ch 1142, §3; 2001 Acts, ch 116,      §26