Arcadia Municipal Code Div. 1 Definitions

For the purpose of this Part certain words and terms are hereafter defined and shall have the meaning thus ascribed.

This Part shall be known as the Realty Transfer Tax Ordinance of the City of Arcadia.

"Person" includes any individual, firm, copartnership, joint venture, association, fraternal organization, corporation, estate, trust, trustee in bankruptcy, executor, administrator, syndicate, the United States, this State, any county, city and county, municipality, district or other political subdivision of the State, or any group or combination acting as a unit.

"Document" means and includes any deed, contract of sale, instrument or writing by which real property located in the City of Arcadia is transferred. "Document" shall not mean or include any decree of distribution in probate proceedings, any document terminating or evidencing termination of a joint tenancy in real property except where an additional consideration of value is paid in connection with such termination, or a decree or agreement partitioning real property held under common ownership unless a consideration of value is paid in connection therewith.

"Real Property" is as defined in Section 104 of the Revenue and Taxation Code of the State of California, and includes any interest in real property.

"Transfer" includes any conveyance, grant, assignment or quitclaim of the ownership of or title to real property, and any contract for such conveyance, grant, assignment, or quitclaim, or any lease or other contract under which possession of the property is given to the purchaser, or any other person by his direction, while title is retained by the vendor as security for the payment of the purchase price, but shall not include the transfer of title to a trustee solely as security for an obligation. It does not include a conveyance of a leasehold interest other than of a type described above. "Transfer" shall not mean or include the change of interest in real property by reason of death, will or decree of distribution; nor shall the term "transfer" include any increase in an estate in real property by reason of termination of joint tenancy or by partition of property held under common ownership unless a consideration of value be paid in connection with such joint tenancy termination or partition of property. Where a consideration of value in any amount is paid, the tax shall be imposed and shall be based upon the total assessed valuation of the property transferred.

(Amended by Ord. 1357 adopted 8-1-67; amended by Ord. 1357-A adopted 8-15-67)

Assessed Valuation means the assessed valuation as of the date of recordation of the transfer as shown on the latest Assessment Role which has been equalized as of said date.

(Amended by Ord. 1357 adopted 8-1-67; amended by Ord. 1357-A adopted 8-15-67)

(Part 8 entitled "Realty Transfer Tax" containing Sections 2681 through 2683.9 added to Chapter 6 of Article II by Ord. 1353 adopted 7-5-67; amended by Ord. 1357 adopted 8-1-67; amended by Ord. 1357-A adopted 8-15-67; amended by Ord. 1358 adopted 8-5-67; effective 9-1-67)

(PART 8 OF CHAPTER 6 OF ARTICLE II IS SUSPENDED THROUGHOUT THE EFFECTIVE PERIOD OF PART 9 added by Ord. 1367 adopted 11-29-67)