This chapter shall be known as the "real property transfer tax
ordinance of the city." 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.
(Ord. 1057 § 1, 1967)
There is imposed on each deed, instrument or writing by which
any lands, tenements or other realty sold within this 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, her 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, a tax at the rate of twenty-seven and one-half cents
for each five hundred dollars or fractional part thereof.
(Ord. 1057 § 2, 1967)
Any tax imposed pursuant to Section
3.24.020 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.
(Ord. 1057 § 3, 1967)
Any tax imposed pursuant to this chapter shall not apply to
any instrument in writing given to secure a debt.
(Ord. 1057 § 4, 1967)
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.
(Ord. 1057 § 5, 1967)
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.
Subsections (1) to (4) 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.
(Ord. 1057 § 6, 1967)
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:
(1) 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;
(2) Such
order specifies the property which is ordered to be conveyed;
(3) Such
conveyance is made in obedience to such order.
(Ord. 1057 § 7, 1967)
The county recorder shall administer this chapter 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.
(Ord. 1057 § 9, 1967)
Claims for refund of taxes fin-posed 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.
(Ord. 1057 § 10, 1967)
This chapter shall become operative upon the operative date
of any ordinance adopted by the county of Los Angeles, pursuant to
Part 6.7 (commencing with Section 11901) of Division 2 of the Revenue
and Taxation Code of the state, or upon the effective date of Ordinance
1057, whichever is the later.
(Ord. 1057 § 11, 1967)
The city clerk shall file two copies of this chapter with the
county recorder of Los Angeles County.
(Ord. 1057 § 12, 1967)