DID YOU KNOW ? - Property Tax On Common Elements
From "Common Elements" Spring 2005

While the common elements of a condominium corporation do not generally constitute a parcel for the purpose of municipal assessment and taxation, if a part of the common elements is leased for business purposes and the lessee carries on an undertaking for gain, it may constitute a separate parcel for the purpose of municipal assessment and taxation. Accordingly, when negotiating leases, a condominium corporation must be cognizant of ensuring that it is not stuck paying the taxes (Section 15(3) - Condomnnium Act, 1998).


 

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