HomeMy WebLinkAboutORD 139ORDINANCE NO. 139
All 0161"AM or "a CM CdnlIC2L cr TEE CITY
is OT PALM 11MERT, CALWORNIA, A4MMIM ORDIMME
go, 11 MATING To REAL PROPERTY DOCUMEKTARY
TR11MRR TAIL.
Tha City Council of the City of Pain Desert, Cali-
fornia, DOES HERESY MAIN as followee
SECTIOM is That Section S of Ordinance go. 11 of
said City be and the same is hereby amended to read as foilovat
"SECTION Ss Government and its Agencies Not Liable.
The United States, or any agency or instrumentality
thereof, any state or territory, or political subdivi-
sion thereof, or the District of Columbia, shall be
exempt from any tax imposed pursuant to this chapter
with respect to any deed, instrument, or writing,
when said exempt agency is acquiring title."
SECTION 2s There is hereby added to Ordinance No. 11
` of said City Section 5.5, to read as follower
'SECTION S.St Tax Inapplicable to Deed_,
Instrument or Writing Taken in Lieu of Foreclosure.
Any tax 1uposed pursuant to this part shall not apply
with respect to any deed, instrument, or writing to a
beneficiary or mortgages, which is taken from the mort-
gagor or trustor as a result of or in lieu of foreclosure#
provided, that such tax shall apply to the extent that
the consideration exceeds the unpaid debt, including
accrued interest and cost of foreclosure. Consideration,
unpaid debt amount and identification of grantee as
beneficiary or seortgages shall be noted on said deed,
instz=mt or writing or stated in an affidavit or
declaration under penalty of perjury for tax purposes."
$=ION is Tha City Clerk of the City of Palm Desert
is hereby direoted to vacs@* this ordinanoa to be published
rice witU t titteen days of ~Ion in the Palm Desert Post,
tsp 1.