Compton Municipal Code § 3-3 Real Property Transfer Tax

[1]

Editor's Note: For statutory provisions relating to the Real Property Transfer Tax, see Revenue and Taxation Code Part 6.7 (commencing with Section 11901) of Division 2.

[Added by Ord. #1308, § 6-1000]

This section shall be known as the "Real Property Transfer Tax Law of the City of Compton." 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.

[Added by Ord. #1308, § 6-1001]

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 or property conveyed (exclusive of the value of any lien or encumbrances remaining thereon at the time of sale) exceeds $100 a tax at the rate of $0.275 for each $500 or fractional part thereof.

[Added by Ord. #1308, § 6-1002]

Any tax imposed pursuant to the provisions of subsection 3-3.1 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.

[Added by Ord. #1308, § 6-1003]

Any tax imposed pursuant to the provisions of this section shall not apply to any instrument in writing given to secure a debt.

[Added by Ord. #1308, § 6-1004]

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 the provisions of this section with respect to any deed, instrument, or writing to which it is a party, but the tax collected by assessment from any other party liable therefor.

[Added by Ord. #1308, § 6-1005]

Any tax imposed pursuant to the provisions of this section shall not apply to the making, delivering, or filing of conveyances to make effective any plan of 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 subsection (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 subsection (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.

[Added by Ord. #1308, § 6-1006]

Any tax imposed pursuant to the provisions of this section shall not apply to the making or delivery of conveyances to make effective any order of the Securities and Exchange Commission, as defined in subsection (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 that property which is ordered to be conveyed; and

c. Such conveyance is made in obedience to such order.

[Added by Ord. #1308, § 6-1007]

a. In the case of any realty held by a partnership, no levy shall be imposed pursuant to the provisions of this section by reason of any transfer of an interest in a partnership or otherwise if:

1. Such partnership (or another partnership) is considered a continuing partnership within the meaning of Section 708 of the Internal Revenue Code of 1954; and

2. Such continuing partnership continues to hold the realty concerned.

b. If there is a termination of any partnership within the meaning of Section 708 of the Internal Revenue Code of 1954, for the purposes of this section 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 the provisions of this section by reason of a termination described in paragraph b of this subsection, and any transfer pursuant thereto, with respect to the realty held by such partnership at the time of such termination.

[Added by Ord. #1308, § 6-1008]

The County Recorder shall administer the provisions of this section in conformity with the provisions of Part 6.7 of Division 2 of the Revenue and Taxation Code of the State and the provisions of any County ordinance adopted pursuant thereto.

[Added by Ord. #1308, § 6-1009]

Claims for the refund of taxes imposed pursuant to the provisions of this section 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.

[Added by Ord. #1308, § 6-1010]

The provisions of this section shall become operative upon the operative date of any ordinance adopted by the County pursuant to the provisions of Part 6.7 (commencing with Section 11901) of Division 2 of the Revenue and Taxation Code of the State, or on November 28, 1967, whichever is the later.