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Minnesota Legislature

Office of the Revisor of Statutes

515B.1-105 SEPARATE TITLES AND TAXATION.
(a) In a cooperative:
(1) The unit owners' interests in units and their allocated interests are wholly personal
property, unless the declaration provides that the interests are wholly real estate. The
characterization of these interests as real or personal property shall not affect whether homestead
exemptions or classifications apply.
(2) The ownership interest in a unit which may be sold, conveyed, voluntarily or involuntarily
encumbered, or otherwise transferred by a unit owner, is the right to possession of that unit under
a proprietary lease coupled with the allocated interests of that unit, and the association's interest
in that unit is not affected by the transaction.
(b) In a condominium or planned community:
(1) Each unit, and its allocated interest in the common elements, constitutes a separate
parcel of real estate.
(2) If there is any unit owner other than a declarant, each unit shall be separately taxed and
assessed, and no separate tax or assessment may be rendered against any common elements.
(c) A unit used for residential purposes together with not more than three units used for
vehicular parking, and their common element interests, shall be treated as one parcel of real estate
in determining whether homestead exemptions or classifications apply.
History: 1993 c 222 art 1 s 5; 1994 c 388 art 4 s 3; 1997 c 84 art 1 s 5