An Act relative to condominiums

This bill changes how property taxes are assessed for certain reserved areas in condominium developments. If a developer (declarant) reserves the right to add or remove property in the master deed, the tax on that reserved portion can be calculated based on the land value before the condo was created, minus any later improvements taxed to the developer. The tax lien attaches to the reserved right itself, not the common areas. When the reserved right expires, the tax lien transfers to new condo units created after the assessment (but not to units already separately taxed that year), and any extended reserved rights must be recorded before being taxed.