Yuba City Municipal Code Art. 3 Real Property Transfer Tax

This article shall be known as the "Real Property Transfer Tax Law of the City of Yuba City." It is adopted pursuant to the authority contained in Revenue and Taxation Code div. 2, pt. 6.7 (commencing with Revenue and Taxation Code § 11901).

(§ 1, Ord. 545, eff. January 18, 1968)

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 her 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.

(§ 1, Ord. 545, eff. January 18, 1968)

Any tax imposed pursuant to the provisions of Section 3-6.302 of this article 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.

(§ 1, Ord. 545, eff. January 18, 1968)

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

(§ 1, Ord. 545, eff. January 18, 1968)

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 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.

(§ 1, Ord. 545, eff. January 18, 1968)

Any tax imposed pursuant to the provisions of this article 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 11 U.S.C. § 205(m), as amended;

(c) Approved in an equity receivership proceeding in a court involving a corporation, as defined in 11 U.S.C. § 506(3), as amended; or

(d) Whereby a mere change in identity, form, or place of organization is effected.

The provisions of this section shall only apply if the making, delivery, or filing of instruments of transfer or conveyances occurs within five years from the date of such confirmation, approval, or change.

(§ 1, Ord. 545, eff. January 18, 1968)

Any tax imposed pursuant to the provisions of 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 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 15 U.S.C. § 79k relating to the Public Utility Holding Company Act of 1935;

(b) Such order specifies the property which is ordered to be conveyed; and

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

(§ 1, Ord. 545, eff. January 18, 1968)

(a) In the case of any realty held by a partnership, no levy shall be imposed pursuant to the provisions of 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 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 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 the provisions of this article by reason of a termination described in subsection (b) of this section, and any transfer pursuant thereto, with respect to the realty held by such partnership at the time of such termination.

(§ 1, Ord. 545, eff. January 18, 1968)

The County Recorder shall administer the provisions of this article in conformity with the provisions of Revenue and Taxation Code div. 2, pt. 6.7 and the provisions of any County ordinance adopted pursuant thereto.

(§ 1, Ord. 545, eff. January 18, 1968)

Claims for the refund of taxes imposed pursuant to the provisions of this article shall be governed by the provisions of Revenue and Taxation Code div. 1, pt. 9, ch. 5 (§ 5096 et seq.).

(§ 1, Ord. 545, eff. January 18, 1968)

The provisions of this article shall become operative upon the operative date of any ordinance adopted by the County pursuant to the provisions of Revenue and Taxation Code div. 2, pt. 6.7 (§ 11901 et seq.), on January 18, 1968, whichever is the later.

(§ 1, Ord. 545, eff. January 18, 1968)