Final answer:
Each strata lot and its share of common property are assessed and taxed as a separate parcel, which ensures property taxes are equitably distributed based on individual ownership.
Step-by-step explanation:
When it comes to the assessment and taxation of strata properties for the purposes of property tax, the correct approach is (b) each strata lot, together with the owner's share in the common property, is deemed to be a separate parcel of land and improvements. This means that every individual unit within a strata corporation is assessed and taxed separately, rather than assessing the entire corporation as one entity or lumping all units together. The value of the common property is typically included in the assessment of each strata lot, proportional to the owner's share or interest in it. Property tax systems aim to capture the individual value of each parcel to equitably distribute the tax burden based on property ownership and value, with local governments relying on this revenue to fund services and amenities.