CHAPTER 3.24
DOCUMENTARY TRANSFER TAX
SECTION:
3.24.030 Payment Responsibility
3.24.040 Instrument To Secure Debt
3.24.060 Bankruptcy Or Receivership
3.24.070 Securities And Exchange Commission
3.24.080 Realty Held By Partnership
3.24.090 County Recorder Responsibility
3.24.010 TITLE; AUTHORITY:
This chapter shall be known as the REAL PROPERTY TRANSFER TAX ORDINANCE OF THE CITY. It is adopted pursuant to the authority contained in California Revenue and Taxation Code section 11901 et seq. (1972 Code § 3.04.010)
3.24.020 TAX IMPOSED:
There is imposed on each deed, instrument or writing by which any lands, tenements, or other realty sold within the city shall be granted, assigned, transferred or otherwise conveyed to, or vested in, the purchaser or purchasers, or any other person or persons, by his or their direction, when the consideration or value of the interest or property conveyed (exclusive of the value of any lien or encumbrances remaining thereon at the time of sale) exceeds one hundred dollars ($100.00), a tax at the rate of twenty seven and one-half cents ($0.275) for each five hundred dollars ($500.00) or fractional part thereof. (1972 Code § 3.04.020)
3.24.030 PAYMENT RESPONSIBILITY:
Any tax imposed pursuant to section 3.24.020 of this chapter shall be paid by any person who makes, signs or issues any document or instrument subject to the tax, or for whose use or benefit the same is made, signed or issued. (1972 Code § 3.04.030)
3.24.040 INSTRUMENT TO SECURE DEBT:
Any tax imposed pursuant to this chapter shall not apply to any instrument in writing given to secure a debt. (1972 Code § 3.04.040)
3.24.050 GOVERNMENTAL AGENCY:
The United States or any agency or instrumentality thereof, any state or territory, or political subdivision thereof, or the District of Columbia shall not be liable for any tax imposed pursuant to this chapter with respect to any deed, instrument, or writing to which it is a party, but the tax may be collected by assessment from any other party liable therefor. (1972 Code § 3.04.050)
3.24.060 BANKRUPTCY OR RECEIVERSHIP:
A. Exception: Any tax imposed pursuant to this chapter shall not apply to the making, delivering or filing of conveyances to make effective any plan of reorganization or adjustment:
1. Confirmed under the federal bankruptcy act, as amended;
2. Approved in an equity receivership proceeding in a court involving a railroad corporation, as defined in subdivision (m) of section 205 of title 11 of the United States Code, as amended;
3. Approved in an equity receivership proceeding in a court involving a corporation, as defined in subdivision (3) of section 506 of title 11 of the United States Code, as amended; or
4. Whereby a mere change in identity, form or place of organization is effected.
B. Time Limit: Subsection A of this section shall only apply if the making, delivery or filing of instruments of transfer or conveyances occur within five (5) years from the date of such confirmation, approval or change. (1972 Code § 3.04.060)
3.24.070 SECURITIES AND EXCHANGE COMMISSION:
Any tax imposed pursuant to this chapter shall not apply to the making or delivery of conveyances to make effective any order of the securities and exchange commission, as defined in subdivision (a) of section 1083 of the internal revenue code of 1954; but only if:
A. The order of the securities and exchange commission in obedience to which such conveyance is made recites that such conveyance is necessary or appropriate to effectuate the provisions of section 79k of title 15 of the United States Code, relating to the public utility holding company act of 1935;
B. Such order specifies the property which is ordered to be conveyed;
C. Such conveyance is made in obedience to such order. (1972 Code § 3.04.070)
3.24.080 REALTY HELD BY PARTNERSHIP:
A. Exception: In the case of any realty held by a partnership, no levy shall be imposed pursuant to this chapter by reason of any transfer of an interest in a partnership or otherwise, if:
1. Such partnership (or another partnership) is considered a continuing partnership within the meaning of section 708 of the internal revenue code of 1954; and
2. Such continuing partnership continues to hold the realty concerned.
B. Termination Of Partnership: If there is a termination of any partnership within the meaning of section 708 of the internal revenue code of 1954, for purposes of this chapter, such partnership shall be treated as having executed an instrument whereby there was conveyed, for fair market value (exclusive of the value of any lien or encumbrance remaining thereon), all realty held by such partnership at the time of such termination.
C. Taxing Limitation: Not more than one tax shall be imposed pursuant to this chapter by reason of a termination described in subsection B of this section, and any transfer pursuant thereto, with respect to the realty held by such partnership at the time of such termination. (1972 Code § 3.04.080)
3.24.090 COUNTY RECORDER RESPONSIBILITY:
The county recorder shall administer this chapter in conformity with the provisions of California Revenue and Taxation Code part 6.7 of division 21, and the provisions of any county ordinance adopted pursuant thereto. (1972 Code § 3.04.090)
3.24.100 CLAIMS FOR REFUND:
Claims for refund of taxes imposed pursuant to this chapter shall be governed by the provisions of California Revenue and Taxation Code section 5096 et seq. (1972 Code § 3.04.100)
3.24.110 OPERATIVE DATE:
This chapter shall become operative upon the operative date of any ordinance adopted by the county of Monterey, pursuant to California Revenue and Taxation Code section 11901 et seq., or November 21, 1967, whichever is the later. (1972 Code § 3.04.110)
3.24.120 FILING WITH COUNTY:
Upon its adoption, the city clerk shall file two (2) copies of this chapter with the county recorder of Monterey county. (1972 Code § 3.04.120)
Rev. & T.C. § 11901 et seq.