Chapter 5 - § 5.9 • PROPERTY TAXES

• Jurisdiction: Colorado

§ 5.9 • PROPERTY TAXES

Under the CCIOA, in a condominium or planned community with common elements, each unit, together with its interest in the common elements, constitutes a separate parcel of real estate and must be separately assessed and taxed.¹⁹⁷ The valuation¹⁹⁸ of the common elements must be assessed proportionately to each unit, and the common elements may not be separately taxed or assessed.¹⁹⁹ The statute is not intended to exempt non-residential common elements from the non-residential valuation for assessment ratio.²⁰⁰ In a planned community without common elements, the real estate comprising it may be taxed and assessed in any manner provided by law.²⁰¹

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Notes:

^[197] In a cooperative, unless the declaration provides that the interest in a unit and its allocated interests is personal property, that interest is real estate for all purposes. C.R.S. § 38-33.3-105(1).

^[198] Note Manor Vail Condo. Ass'n v. Bd. of Equalization, 956 P.2d 654 (Colo. App. 1998) (C.R.S. § 38-33.3-105(2) is silent regarding appropriate valuation for assessment ratio to be applied to various classifications of property to which common elements may belong, but components of unit's total value, including its various common elements, should be classified according to character of property to which they are ascribed).

^[199] C.R.S. § 38-33.3-105(2) (valuation of common elements must be assessed proportionately to each unit, in condominium in accordance with each unit's allocated interests in common elements, and in planned community in accordance with each unit's allocated common expense liability). See also Jet Black, LLC v. Routt County Bd. of County Comm'rs, 165 P.3d 744 (Colo. App. 2006) (statute forbids taxation and assessment of common areas to association that typically holds title and recognizes that value of common elements is inherently included as component of each unit's total actual value and assessed and taxed as part of unit's overall assessment and taxation); Manor Vail Condo. Ass'n v. Bd. of Equalization, 956 P.2d 654 (Colo. App. 1998) (phrase stating "common elements shall not be separately taxed or assessed," viewed in context, is merely recognition that value of common elements is inherently included as component of each individual unit's total actual value and assessed and taxed as...