| 2.__Time-share estates taxed proportionately as residential |
condominium units.__Each time-share estate constitutes for all |
purposes a separate estate in real property, except that a |
municipality shall assess property tax only on the real property |
value of the time-share estate.__For this purpose, a municipality |
shall assess property tax on each unit in which time-share |
estates have been created in the same manner as if it were a |
residential condominium unit owned by a single taxpayer.__The |
managing entity shall divide the tax assessment proportionately |
among the individual time-share estates based on the method by |
which costs are allocated to them under the project instrument.__ |
Each time-share owner shall pay the real estate tax assessed |
against that owner's time-share estate.__No later than January |
31st of each year, the managing entity shall certify to the tax |
collector of the municipality in which the time-share property is |
located the names and addresses of the time-share owners, the |
units to which their time-share estates pertain and their |
respective percentages for sharing in the payment of the taxes |
assessed against the time-share property. |