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record, numbered serially in the order of receipt, each <br /> designated "Unit Ownership", with the name of the building, <br /> if any, and each containing a reference to the book and page <br /> numbers and date of the recording of the declaration". <br /> Also of primary importance, G.S. 47A-21 provides <br /> instruction for taxation. <br /> 47A-21 Units taxed separately: --Each condominium unit <br /> and its percentage of undivided interest in the common areas <br /> and facilities shall be deemed to be a parcel and shall be <br /> separately assessed and taxed by each assessing unit and <br /> special district for all types of taxes authorized by law <br /> including but not limited to special ad valorem levies and <br /> special assessments. Each unit holder shall be liable <br /> solely for the amount of taxes against his individual unit <br /> and shall not be affected by the consequences resulting from <br /> the tax delinquency of other unit holders. Neither the <br /> building, the property nor any of the common areas and <br /> facilities shall be deemed to be a parcel." <br /> Appraisal Methods: <br /> In the valuation of condominiums, as with all other <br /> real property, the tax appraiser's objective is to estimate <br /> market value. In performing this function, the appraiser is <br /> equipped with the traditional tools of valuation in addition <br /> to the recorded information demanded by the condominium <br /> declaration. <br /> As the character of condominiums differs from the <br /> typical residential properties, it may be necessary to <br /> modify the traditional method (cost approach) of the tax <br /> office in order to properly assess the tax liability for <br /> this type of real estate. The following brief outline of <br /> the three "approaches to value" and their relation to <br /> condominium appraisals will indicate their usefulness and <br /> limitations in this area. <br /> The Cost Approach: <br /> In general application, this summation of cost <br /> ingredients is purported to be an efficient indication of <br /> value when properly applied, and is particularly appropriate <br /> when appraising properties in which the data pertinent to <br /> economic or market attractiveness is not readily available. <br /> This method best serves the tax appraiser when dealing with <br /> most types of property, since the volume of tax appraisals <br /> often prohibits the time consumption necessary in the <br /> collection of data needed in the other methods. Other <br /> justifications for its widespread use by tax officials are <br /> numerous and adequate and will not be further discussed. <br />