A. The county assessor shall identify common areas for valuation under this article.
B. In general, common areas consist of improved or unimproved real property that is intended for the use of owners and residents of a residential subdivision or development and invited guests of the owners or residents and include common beautification areas and common areas used as an airport. Areas that do not qualify as common areas shall be valued using standard appraisal techniques. The following are not considered to be common areas:
1. Common elements of a condominium, as defined in section 33-1202.
2. A golf course, as defined in section 42-13151 and valued pursuant to article 4 of this chapter.
C. Property must meet all of the following requirements to be considered a common area:
1. The property must be owned by a nonprofit homeowners’ association, community association or corporation.
2. The association or corporation must be organized and operated to provide for the maintenance and management of the common area property.
3. All residential property owners in the development must be required to be and must actually be members of the association or corporation, or must be obligated to pay mandatory assessments to maintain and manage the common areas.
4. All members of the association or residential property owners in the development, their immediate families and, if provided by rules of the association or corporation, guests must have a right to use and enjoy the common areas. This right must be appurtenant to and pass with title to each lot and parcel. The association or corporation may assess fees for particular uses of individual common areas.
5. The common areas must be deeded to the association or corporation.
D. For purposes of this section “airport” means runways and taxiways that are used primarily by residents of the residential subdivision but that may be designated as a reliever airport by the federal aviation administration and that receives no public funding.