There is hereby 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 of property conveyed (exclusive of the value of any
lien or encumbrance remaining thereon at the time of sale) exceeds
one hundred dollars, a tax at the rate of twenty-seven and one-half
cents for each five hundred dollars or fractional part thereof.
(Ord. 464 § 1, 1967)
This chapter shall be known as the "Real Property Transfer Tax
Ordinance of the city of Fountain Valley." The tax imposed by this
chapter is imposed pursuant to Part 6.7 (commencing with Section 11901),
entitled Documentary Stamp Act, of Division 2 of the Revenue and Taxation
Code of California and subject to, and applicable only in accordance
with, all of the provisions of said act, and no levy prohibited by
said act is hereby imposed and no tax is hereby imposed which is not
in conformity with said act, including the following provisions thereof:
(1)
"11912.
Any tax imposed pursuant to Section 11911 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.
(2)
"11921.
Any tax imposed pursuant to this part shall not apply to any instrument
in writing given to secure a debt.
(3)
"Any
deed, instrument or writing to which the United States or any agency
or instrumentality thereof, any state or territory, or political subdivision
thereof, is a party shall be exempt from the tax imposed pursuant
to this Article when the exempt agency is acquiring title.
(4)
"11923.
Any tax imposed pursuant to this part shall not apply to the making,
delivering or filing of conveyances to make effective any plan or
reorganization or adjustment
(a)
Confirmed under the Federal Bankruptcy Act, 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 11 of the United States Code, as amended;
(c)
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
(d)
Whereby a mere change in identity, form or place of organization
is effected.
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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.
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(5)
"11924.
Any tax imposed pursuant to this part 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.
(6)
"11925.
(a)
In the case of any realty held by a partnership, no levy shall be
imposed pursuant to this part by reason of any transfer of an interest
in a partnership or otherwise, if
(b)
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 part, 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 part by a
county, city and county or city 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.
(7)
"11932. ... The county shall collect
all taxes imposed pursuant to this part and the county auditor shall
allocate the proceeds as follows:...
(2)
All money which relates to transfers of real property
located in a city which imposes a tax on transfers of real property
pursuant to this part shall be allocated one-half to such city and
one-half to the county.
(8)
"11935.
Claims for refunds of taxes imposed pursuant to this part shall be
governed by the provisions of Chapter 5 (commencing with Section 5096)
of Part 9 of Division 1 of this code."
(Ord. 464 § 3, 1967; Ord. 554 § 1, 1969)
The provisions of this chapter shall be operative on and after
12.01 a.m. on January 1, 1968, in the event the said Documentary Stamp
Act of the state authorizing such tax and an ordinance of the county
imposing a documentary stamp tax pursuant to such authority, is then
operative and in the event that the Congress of the United States
has not provided on or before January 1, 1968, for a tax on transfers
of real property. The provisions of this chapter shall be operative
at all times and only during such time as the said Documentary Stamp
Act of the state and any ordinance of the county passed pursuant thereto,
are operative. If the Congress of the United States imposes a tax
on transfers of real property after January 1, 1968, this ordinance
shall have no operative effect on and after the first day of the fiscal
year which follows the date such federal tax is imposed.
(Ord. 464 § 4, 1967)
The city clerk shall mail two copies of the ordinance codified
herein to the Orange County board of supervisors, recorder, tax collector
and auditor.
(Ord. 464 § 5, 1967)
