The tax imposed by this Chapter of the Municipal Code shall not apply to the following transactions, provided said transaction in each case is accompanied by a certificate setting forth the facts or such other certificate of record as the Director of Finance may require:
A. Transactions involving property acquired by or from any governmental body or by any charitable organizations. The latter transaction is exempt only when one charitable organization conveys property to another charitable organization.
B. Transactions which secure debt or other obligation.
C. Transactions in which deeds, without additional consideration, confirm, correct, modify or supplement deeds previously recorded.
D. Transactions in which the actual consideration is less than five hundred dollars ($500.00).
E. Transactions in which the deeds are tax deeds.
F. Transactions which are releases of property which is security for a debt or other obligation.
G. Transactions in which the deeds are pursuant to court decree.
H. Transactions made pursuant to mergers, consolidations or transfers, or sales of substantially all of the assets of a corporation pursuant to plans or reorganization.
I. Transactions between subsidiary corporations and their parents for no consideration other than the cancellation or surrender of the subsidiary corporations's stock.
J. Transactions wherein there is an actual exchange of real property except that the money difference or money's worth paid from one to the other shall not be exempt from the tax.
K. Transactions representing transfers subject to the imposition of a documentary stamp tax imposed by the government of the United States.
L. A transfer by lease.
M. Transactions wherein not less than one of the grantor(s) or assignor(s) has continuously resided upon the property within the Village for the past one year and has evidence that not less than one of the grantor(s) or assignor(s) has either: 1) closed on the purchase and has resided in a different residence within the Village within the preceding six (6) months of the scheduled closing or transfer date on the sale or transfer transaction subject to this Chapter; or 2) entered into a contract to purchase a different residence within the Village within which said grantor(s) or assignor(s) intend to reside with a scheduled closing date as set forth in a fully executed and completed real estate sales contract not more than twelve (12) months after the sale or transfer transaction subject to this Chapter.
Every deed or other instrument which is tax exempt pursuant to this Section shall be presented to the Finance Department so as to be appropriately marked by said Department as an exempt deed or instrument eligible for recordation without the payment of tax. At such time as a deed or instrument is presented to the Finance Department, a certificate setting forth the facts and supporting documentation which justify exemption shall be presented. (Ord. 94-24, 3-15-94)