Any managing entity that collects taxes shall maintain an escrow account and pay the taxes as provided in subsection 5.

Sec. 3. Application. This Act applies to taxes assessed based on the status of property on or after April 1, 2005.

SUMMARY

This bill provides that if required by an ordinance enacted by the municipal officers, each whole condominium unit in which time-share estates have been created within a municipality must be valued for real estate tax purposes as if the unit were owned by a single taxpayer.