Bill > H2892

This bill amends the Massachusetts General Laws to allow the board of assessors to separately assess the portion of a condominium's common area and facilities for which the declarant has reserved the right to add or withdraw real estate. The assessed value would be equal to the land value prior to the recording of the master deed, minus the value of any separately taxed improvements. The lien for these taxes would attach to the reserved right, not the common areas and facilities. Once the reserved right expires or is extinguished, the lien would attach to any units submitted to condominium status after the assessment of the right, but not to units that were separately assessed in the same fiscal year. The bill also specifies that any reserved right extended, revived, or granted by the organization of unit owners must be assessed and taxed under this provision.