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HomeMy WebLinkAboutOrd. No. 1967-4522~~ ORDINANCE N0. 452 J AN ORDINANCE OF THE CITY OF ELSIIdORE IMPOSING A DOCUMENTARY STAMP TAX ON THE SALE OF REAL PROPERTY, " The City Council of the City of Elsinore does ordain as follows: Section l: This ordinance shall 'be known as the "Real Property Transfer Tax Ordinance of the City of Elsinore'.'. It is adopted pursuant to the authority contained in Part 6.7 (commencing with Section 11901) of Division 2 of the Revenue and Taxation Code of the State'of California. Section 2: There is hereby imposed on each deed, instrument or writing by which any lands, tenements, or other realty sold within the City of Elsinore 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}, a tax at the rate of twenty- seven and one-half cents ($0.275) for each five hundred dollars ($500) or fractional part thereof. Section 3: Any tax imposed pursuant to Section 2 hereof shall be paid by any person orho makes,"signs or'issues sny document or instrument subject to the tax, or for whose use or benefit the same is made, signed or issued. Section 4: Any tax imposed pursuant to this ordinance shall not apply to any instrument in writing given to secure a debt. 'Section `5; The United States or any agency or instrumentality thereof, any state or territory, or political subdivision thereof, or' the District of Columbia shall not be liable for any tax imposed pursuant to this ordinance with respect to any deed, instrument, or writing to which it is a party, but the tax: may be'collected by assessment from any other party liable therefor. Section 6; Any tax imposed pursuant to this ordinance shall not apply to the making, delivering or filing of conveyances to make effective any plans of reorganization or adjustment-- (a) Confirmed under the Federal Bankruptcy Aet;_ as amended; (b) Approved in an equity receivership proceeding in a court involving a railroad corporation,: as defined in subdivision (m) of Section 205 of Title Ql of the United States Code, as amended; (c) Approved in an equity receivership proceedings in a court involving a corporation, as defined in subdivision (3} of Section 506 of Title 11 of the United States Gode, as' amended or (d) Whereby a mere change in inden$ity, form or place of organi- zation is effected. Subdivisions (a) to (d), inclusive, of this section shall only apply if the making, delivery or filing of instruments of transfer or conveyances occurs within five years from the date of such confirmation, approval or change. Section 7: Any tax imposed pursuant to this ordinance"shall not apply to the making or delivery of conveyances to make effective any order of the Securities and Exhhange 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 ExchangeCCommission 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) Sueh order specifies the property which is ordered to be conveyed; (c} Such conveyance is made in obedience to such order. Section 8; (a) In the case of any realty held by a partnership, no levy shall be imposed pursuant to this ordinance 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 25~ (2) Such continuing partnership continues to hold the realty concerned. (b) If there is a termination of ax~y partnership within the meaning of Section 708 of 'the Internal Revenue Gode of 1954, for purposes of this ordinance, 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) Not more than one tax shall be imposed pursuant to this ordinance _ by reason of a termination described in subdivision (b ), and any -~~ transfer pursuant thereto, with respect to the realty held by such partnership at the time of such termination. Section 9; The County Recorder shall administer this ordinance in conformity with the provisions. of Part 6.7 of Division.2 of the Revenue and Taxation Code and the provisions of any county ordinance adopted pursuant thereto. Section Z0: Claims for refund of taxes imposed pursuant to this ordinance shall be governed by the provisions of Chapter 5 (commencing with Section 5096) of Part 9 of Division 1 of the Revenue and Taxation Code of the State of California. Section 11; This ordinance shall become. operative upon the operative date of appr ordinance adopted by the County of Riverside, pursuant to Psrt 6.7 - {commencing with Section 11901) oP Division 2 of the Revenue and Taxation-Code of the State of California; or upon the effective date of this ordinance, which- ever is the later. Section 12 :' Upon its adoption the City Clerk shall file two copies of this ordinance with the County Recorder of Riverside County. Section 13: This ordinance, inasmuch as it provides for a tax levy for the usual and current expenses of the city, shall take effect immediately, Section 14; The Gity Council is hereby. ordained. and directed to certify _ the passage of this, ordinance and to cause the same to be published in the manner ~ I provided by law. - ADDFTED by the Mayor and City Council .and. signed by the Mayor and attested to by the City Clerk this 11th day of December, 1967. s/ T.R. Xarborough Mayor of the City of l~ sinmre Attest: s( Florene Marshall City Clerk of,the City of Elsinore.