(1) Each lot in a planned community constitutes for all purposes a separate parcel of real estate and shall be separately taxed and assessed.
(2) No separate tax or assessment may be levied against any common property which a declarant has reserved no right to develop into additional lots.
(3) The declarant alone is liable for payment of taxes or assessments on any portion of the common property of a planned community in which the declarant has reserved the right to develop the property into additional lots, until the right terminates or expires, or is exercised, abandoned or relinquished.
(4) If the right described under subsection (3) of this section terminates or expires or is abandoned or relinquished before July 1 of any year, no tax or assessment shall be imposed against the portion of the common property so affected for the next tax year beginning on July 1.