(A) Except as otherwise provided in this chapter, a tax is hereby imposed upon the privilege of transferring title to, or beneficial interest in, real property located in the city, whether or not the agreement or contract providing for the transfer is entered into in the city.
(B) The tax shall be at the rate of $10 per $1,000 of the transfer price, or fraction thereof, of the real property or the beneficial interest in real property.
(C) (1) The tax imposed by this chapter is due upon the delivery or recording of the deed, assignment or other instrument of transfer, whichever is earlier.
(2) In the case of an assignment of a beneficial interest in a trust, delivery shall be deemed to occur when the trustee receives possession of a valid assignment of the beneficial interest. In the case of other transfers, delivery shall be deemed to occur when the transferee, or the transferee’s representative or agent, receives or becomes entitled to receive possession of the instrument of transfer.
(D) The primary incidence of the tax and the obligation to pay the tax are on the seller, grantor, assignor or other transferor, provided, however, that if the transferor is exempt from the tax solely by operation of state law, then the incidence of the tax and obligation to pay the tax shall be upon the transferee.
(E) The tax imposed by this chapter shall be due whether the transfer of a controlling interest in a real estate entity is effected by one transaction or by a series of related transactions. For purposes of this division, it shall be presumed, unless proven otherwise, that transactions are related if they occur within the same 24-month period.
(F) Nothing in this chapter shall be construed to impose a tax upon any transaction or privilege which, under the Constitutions of the United States or the state, may not be made the subject of taxation by the city.
(Ord. 94-13, passed 3-8-1994)