San Marino Municipal Code Art. 02 Documentary Stamp Tax on the Sale of Real Property

This Article 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. (1990 Revs.)

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/her or their direction, when the consideration or value of the interest or property conveyed (exclusive of any lien or encumbrances remaining thereon at the time of sale) exceeds one hundred dollars ($100.00), a tax at the rate of twenty seven and one-half cents ($0.275) for each five hundred dollars ($500.00) or fractional part thereof. (1990 Revs.)

Any tax imposed pursuant to Section 26.02.02 hereof 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. (1990 Revs.)

Any tax imposed pursuant to this Article shall not apply to any instrument in writing given to secure a debt. (1990 Revs.)

The United States or any agency or instrument 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 Article 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. (1990 Revs.)

Any tax imposed pursuant to this Article shall not apply to the making, delivering or filing of conveyances to make effective any plan or reorganization or adjustment that 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, form or place or organization is effected.

Subsections A and D, inclusive, of this Section shall only apply if the making, delivery or filing of instruments of transfer or conveyances occurs within five (5) years from the date of such confirmation, approval or change. (1990 Revs; 1994 Code.)

Any tax imposed pursuant to this Article 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.

C. Such conveyance is made in obedience to such order. (1990 Revs.)

A. In the case of any realty held by a partnership, no levy shall be imposed pursuant to this Article 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 a 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 purposes of this Article, 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 this Article by reason of a termination described in subsection B above and any transfer pursuant thereto, with respect to the realty held by such partnership at the time of such termination. (1990 Revs.)

The County Recorder shall administer this Article 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. (1990 Revs.)

Claims for refund of taxes imposed pursuant to this Article 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. (1990 Revs.)

This Article shall become operative on December 13, 1967. (1990 Revs.)