(1)(a) Each unit with its allocation of undivided interest in the common elements shall be considered a parcel of real property, whether fee simple, leasehold, easement or other interest or combination thereof, subject to separate assessment and taxation by any taxing unit in like manner as other parcels of real property. A unit created by a declaration or supplemental declaration recorded with the recording officer under ORS 100.100 or 100.120 shall be assessed in the name of the unit owner.
(b) The common elements may not be considered a separate parcel for purposes of taxation.
(2) In determining the real market value of a unit with its undivided interest in the common elements, the county assessor may use the allocation of undivided interest in the common elements appertaining to a unit as expressed in the declaration. Determination of real market value of a unit based upon a leasehold estate shall be the same as a unit in fee simple. There shall be no diminution of value by reason of the term of said lease.
(3) Exemptions from executions and real property taxes apply to the owner of each unit or to the individual units, as the case may be.
(4) The Department of Revenue shall have the authority to make rules and regulations prescribing methods best calculated to secure uniformity according to law in the appraisal and assessment of units constituting part of a property submitted to the provisions of this chapter. [Formerly 94.285; 1991 c.459 §340; 2001 c.756 §52]
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