Agenda - 09-02-2008 - 4e - Laserfiche WebLink

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VIII. CONDOMINIUM PROPERTIES DEFINITION: For the most accurate understanding of condominiums for purposes of ad valorem valuation in North Carolina, the best information available is Chapter 47A of the North Carolina General Statutes, entitled "Unit Ownership Act". Included in this statute and subsequent amendments are the following definitions. (5) "Condominium" means the ownership of single units in a multi-unit structure with common areas and facilities. (12) "Unit" or "condominium unit" means • an enclosed space, consisting of one or more rooms occupying all or part of a floor or floors in a building of one or more floors or stories regardless of whether it be designed for residence, for office, for the operation of any industry or business, or for any other type of independent use and shall include such accessory spaces and areas as may be described in the declaration, such as garage space, storage space, balcony, terrace or patio, provided it has a direct exit to a thoroughfare or to a given common space leading to a thoroughfare. Items for Consideration: The construction and requirements of the "Unit Ownership Act" provide an excellent point for beginning in the appraisal process. Careful attention should be given to the Act' s requirements for recording certain particularly useful data, outlined as follows: G.S. 47A - 2 requires that before unit ownership may be created, a declaration of intention for such creation must be made and recorded in the office of the register of deeds of the county in which the property is located. This declaration must (in compliance with G.S. 47A - 13) contain the following: • (1) Description of the land on which the building and improvements are to be located. (2) Description of the building, stating the number of stories and basements, the number • of units, and the principle materials of which it is constructed.