The local real estate taxes assessed against the Property as unimproved land by the Township of Bernards for 1987 were $10,078.14. The equalized ratios of assessed valuation to true valuation and the tax rates for 1987 and the two preceding years for the Township were:
| Year | Tax Ratio | Tax Rate per $100 of Assessed Value |
|---|---|---|
| 1985 | 110.35 | $1.97 |
| 1986 | 103.15 | $2.07 |
| 1987 | 89.71 | $2.11 |
Beginning with the date on which the Master Deed is filed, each Unit is subject to separate assessments for local real estate property taxes, and the liability of each Unit Owner for the tax assessed against his Unit will be independent of the liability of the other Unit Owners. Any future assessments made by the Township against the Property prior to the recordation of the Master Deed will be allocated to individual Units by the Developer.
The Developer is unable to give a precise estimate as to what the actual real estate taxes assessed against each Unit will be. Accordingly, the Developer makes no representation in this regard. Each prospective purchaser should make independent inquiry with the tax assessor of the Township of Bernards as to what the potential real estate tax liability for a specific Unit might be.
The Developer is not aware of any actual or proposed special taxes or assessments that will affect the Condominium. No representation is made, however, as to special taxes or assessments which may be assessed by the Township in the future. If the Township were to impose a special tax or assessment, Developer and purchaser will adjust their responsibility for such assessment or tax as of the closing dates for the individual units.
