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HomeMy WebLinkAboutORD 11ORDINANCE NO. 11 AN ORDINANCE OF THE CITY OF PALM DESERT, CALIFORNIA, ESTABLISHING REAL PROPERTY DOCUMENTARY TRANSFER TAX. i The City Council of the City of Palm Desert, Cali- 6 fornia, DOES HEREBY ORDAIN as followas T SECTION is SHORT TITLE - ADOPTION. This chapter shall be knows as the "real property 9 transfer tax ordinance of the City of Palm Desert". It is to adopted pursuant to the authority contained in Part 6.7 11 (comencing with Section 11901) of Division 2 of the Revenue 12 and Taxation Code of the State of California. 1a SECTION 2: IMPOSITION - RATES. 141 There is imposed on each deed, instrument, or 1s writing by which any lands, tenements, or other realty sold 16 within the city shall be granted, assigned, transferred, or 17,t c :ierwise conveyed to, or vested in, the purchaser or pur- chasers, or any other person or persons, by his or their action, when the consideration or value of the interest 2D c_ property conveyed (exclusive of the value of any lien =1' or encumbrances remaining thereon at the time of sale) ex- 22 ceeds one hundred dollars, a tax at the rate of twenty- 23 seven and one-half cents for each five hundred dollars or 24 fractional part thereof. 25 SECTION 3s PAYMENT. 26 Any tax imposed pursuant to Section 2 shall be 21 paid by any person who makes, signs, or issues any document 26 or instrument subject to the tax, or for whose use or benefit 2P the same is made, signed, or issued. s0 SECTION 4s TAX INAPPLICABLE TO INSTRUMENTS 31 IN WRITING TO SECURE DEBTS. M Any tax imposed pursuant to this chapter shall AMENDED Page 1. [DATCO: ORDItJANCC 9.... ••••.•••»• ..... L :2. . .»...... u '0"►, On 1 1 22 231 24 25 26 21 28 29 so 31 32 not apply to any instrument in writing given to secure a debt. SECTION St GOVERNMENT AND ITS AGENCIES NOT LIABLE. 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. SECTION 6: TAX INAPPLICABLE TO CONVEYANCES TO MAKE EFFECTIVE PLAN OF REORGANIZATION OR ADJUSTMENT. Any tax imposed pursuant to ;;his chapter shall mac= alp to the making, delivering or filing of conveyances effective any plan of reorganization or adjustment: 1. Confirmed under the Federal Bankruptcy Act, of =-a-==_; 2. Approved in an equity receivership proceeding -- -= involving a railroad corporation, as defined in _...a (m) of Section 205 of Title 11 of the United ==s= =cce, as amended; or 3. Approved in an equity receivership proceeding involving a corporation, as defined in subdivision :s Section 506 of Title 11 of the United States Code, as 9=4ed; or 4. Whereby a mere change in identity, form or p_a:e o= organization is affected. Subdivisions 1 to 4, inclusive, of this section shall only apply if the making, delivery or filing of in- struments of transfer or conveyances occurs within five years from the date of such confirmation, approval or change. SECTION 7t TAX INAPPLICABLE TO MMM EFFECTIVE ORDER OF 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 Page 2. ORD. 11 1 1 1 Rwenue Code of 19541 but only if r = 1. The order of the Securities ar.d Exchange Commission in obedience to which such conveyance is made i recites that such conveyance is necessary or appropriate to effectuate the provisions of Section 79k of Title 15 of 4 the United States Code, relating to the Public Utility Holding Company Act of 1935; 8 2. Such order specifies the property which is ordered to be conveyed; 6 3. Such conveyance is made in obedience to such order. • SECTION St PARTNERS'• T.PS . 9 A. In the case of any realty held by a partner- 10 ship, no levy shall be imposed pursuant to this chapter by 11 reason of any transfer of an interest in a partnership or 12 otherwise, if t is 1. Such partnership (or another partnership) is considered a continuing partnership within the meaning of 14 Section 708 of the Internal Revenue Code of 1954; and 2. Such continuing partnership continues to 13 hold the realty concerned. IS B. If there is a termination of any partnership -thin the meaning of Section 709 of the Internal Revenue :s Z:4e of 1954, for purposes of this ordinance, such partner- . 29 ! ship shall be treated as having executed an instrument 20 whereby there was conveyed, for fair market value (exclusive 21 of the value of any lien or encumbrance remaining thereon), 22 all realty held by such partnership at the time of such 43 termination. 24 C. Not more than one tax shall be imposed pursu- 2S ant to this ordinance by reason of a termination described 26 in subdivision 8 hereof, and any transfer pursuant thereto, 21 with respect to the realty held by such partnership at the 24 time of such termination. 29 SECTION 9t ADMINISTRATION. so The county recorder shall administer this chapter $i in conformity with the provisions of Part (.7 of Division 2 82 of the Revenue and Taxation Code and the provisions of any Page 3. ORD. 11 1 1 1 1 i 4 i i i 9 10 11 12 13 14 :s 2 3 ! ZS .� u� 2S 16 n b s s0 Y Is county ordinance adopted pursuant thereto. SECTION 101 CLAIMS FOR REFUND. Claims for refund of taxes imposed pursuant to this chapter 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 llt EFFECTIVE DATE. This ordinance relates to taxes for the usual and current expenses of the city and :shall take effect inme- diately. Prior to the expiration of fifteen (15) days from the passage hereof, copies shall be posted in three public places within the city limits of Palm Desert, as prescribed in Resolution No. 73-4, and in accordance with the provisions of Section 36933 of the Government Code of the state of PASSED, APPROVED and ADOPTED by the City Council -_s :_-- day of November. 1973, by the following vote: AYES: Mayor Clark, Councilwoman Renson, Councilmen Aston, Brush, McPherson NOES: None ABSENT: None Bel S. Clark, yor S. s �. R. Asmua city Clerk City of Palm Desert, California Page 4. ORD. 11