What determines the tax assessment of individual condominiums?

The tax assessment of individual condominiums is primarily determined by each unit's percentage of undivided interest in the common areas. This means that when a condominium complex is assessed for tax purposes, the overall value of the property is allocated to each individual unit based on its ownership share of the common areas, such as hallways, pools, and other shared amenities.

This percentage of undivided interest reflects how much of the jointly owned property each condominium unit represents, which is essential for calculating property taxes accurately. The value assigned to a unit thus depends on its size, location, and features in relation to the common areas. This method ensures that the tax burden is fairly distributed among the individual owners according to their ownership stake, rather than applying a flat rate or solely basing it on the market value of the entire property.

Other options do not address the nuances of how individual units are assessed in the context of ownership of common areas, making them less appropriate for understanding the tax assessment process for condominiums.