This chapter shall be known as the "Real Property Transfer Tax Ordinance of the Town of Loomis." 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.
(Ord. 10 § 1, 1984)
There is imposed on each deed, instrument or writing by which
any lands, tenements, or other realty sold within the town 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,
a tax at the rate of twenty-seven and one-half cents for each five
hundred dollars or fractional part thereof.
(Ord. 10 § 2, 1984)
Any tax imposed pursuant to Section
3.08.020 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. 10 § 3, 1984)
Any tax imposed pursuant to this chapter shall not apply to
any instrument in writing given to secure a debt.
(Ord. 10 § 4, 1984)
The following transactions are exempt from any tax imposed by
this chapter:
A. 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 any tax imposed pursuant
to this part when the exempt agency is acquiring title.
B. Any
tax imposed pursuant to this part shall not apply with respect to
any deed, instrument, or writing to a beneficiary or mortgagee, which
is taken from the mortgagor 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 mortgagee shall be noted on said deed,
instrument or writing or stated in an affidavit or declaration under
penalty of perjury for tax purposes.
C.
1. Any
tax imposed pursuant to this section shall not apply with respect
to any deed, instrument, or other writing which purports to transfer,
divide, or allocate community, quasi-community, or quasi-marital property
assets between spouses for the purpose of effecting a division of
community, quasi-community or quasi-marital property which is required
by a judgment decreeing a dissolution of the marriage or legal separation,
by a judgment of nullity, or by any other judgment or order rendered
pursuant to the
Family Code, or by a written agreement between the
spouses, executed in contemplation of any such judgment or order,
whether or not the written agreement is incorporated as part of any
of those judgments or orders.
2. In order to qualify for the exemption provided in subsection
(C)(1) of this section, the deed, instrument, or other writing shall include a written recital, signed by either spouse, stating that the deed, instrument, or other writing is entitled to the exemption.
D. Any
tax imposed pursuant to this section shall not apply with respect
to any deed, instrument, or other writing by which realty is conveyed
by the state of California, any political subdivision thereof, pursuant
to an agreement whereby the purchaser agrees to immediately reconvey
the realty to the exempt agency.
E. Any
tax imposed pursuant to this shall not apply with respect to any deed,
instrument or other writing by which the state of California, any
political subdivision thereof, conveys to a nonprofit corporation
realty the acquisition, construction, or improvement of which was
financed or refinanced by obligations issued by the nonprofit corporation
on behalf of a governmental unit, within the meaning of Section 1.103-1(b)
of Title 26 of the Code of Federal Regulations.
F. Any
tax imposed pursuant to this section shall not apply to any deed,
instrument, or other writing which purports to grant, assign, transfer,
convey, divide, allocate or vest lands, tenements, realty, or any
interest therein, if by reason of such inter vivos gift or by reason
of the death of any person, such lands, tenements, realty or interests
therein, are transferred outright to, or in trust for the benefit
of, any person or entity.
(Ord. 10 § 5, 1984; Ord. 84 § 1, 1990; Ord. 207 §§ 5, 6, 7, 2003)
Any tax imposed pursuant to this chapter shall not apply to
the making, delivering or filing of conveyances to make effective
any plan or reorganization or adjustment, which is:
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, for or place of organization is effected.
Subsections
(A) to
(D) of this section, inclusive, shall only apply if the making, delivery or filing of instruments of transfer or conveyance occurs within five years from the date of such confirmation, approval or change.
(Ord. 10 § 6, 1984)
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:
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; or
C. Such
conveyance is made in obedience to such order.
(Ord. 10 § 7, 1984)
A. In the
case of any realty held by a partnership or other entity treated as
a partnership for federal income tax purposes, no levy shall be imposed
pursuant to this chapter by reason of any transfer of an interest
in the partnership or such other entity or otherwise, if both of the
following occur:
1. The
partnership, or other entity treated as a partnership, is considered
a continuing partnership within the meaning of Section 708 of the
Internal Revenue Code; and
2. The
continuing partnership, or other entity treated as a partnership,
continues to hold the realty concerned.
B. If there
is a termination of any partnership or other entity treated as a partnership
for federal income tax purposes, within the meaning of Section 708
of the Internal Revenue Code, for purposes of this chapter, the partnership,
or such other entity, 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 the partnership or other entity at the time of the termination.
C. Not more than one tax shall be imposed pursuant to this chapter by reason of a termination described in subsection
(B) of this section, and any transfer pursuant thereto, with respect to the realty held by a partnership, or other entity treated as a partnership, at the time of the termination.
(Ord. 10 § 8, 1984; Ord. 207 §§ 8, 9, 10, 11,
12, 2003)
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. 10 § 9, 1984)
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.
(Ord. 10 § 10, 1984)