A.
In accordance
with the provisions of the Documentary Transfer Tax Act, Revenue and
Taxation Code Section 11901 et seq., there is hereby imposed a documentary
transfer tax 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, her, or their
direction, when the consideration or value of the interest or property
conveyed (exclusive of the value of any lien or encumbrance remaining
thereon at the time of sale) exceeds $100.00.
B.
The
tax shall be imposed at the rate of 27-1/2 cents for each $500.00
or fractional part thereof of the consideration or value of the interest
or property conveyed.
C.
The
tax 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 is made,
signed or issued.
(Ord. 86-9)
Exemptions from this tax are those set forth in Division 2, Part 6.7, Chapter 3 of the Revenue and Taxation Code commencing at Section 11921.
This chapter shall be administered in accordance with the provisions of Division 2, Part 6.7, Chapter 4 of the Revenue and Taxation Code commencing at Section 11931.
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.
