An application for exemption from the transfer tax may be made by submitting the deed and a certificate justifying an exemption to the City in accordance with this section. The tax imposed by this chapter shall not apply to the following transactions:
A. Transactions involving property acquired by or from any governmental body or by any corporation, society, association, foundation or institution organized and operated exclusively for charitable, religious or educational purposes.
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 one hundred dollars ($100.00).
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 of partitions.
H. Transactions made pursuant to merges, consolidations or transfers or sales of substantially all of the assets of a corporation pursuant to plans of reorganization.
I. Transactions between subsidiary corporations and their parents for no consideration other than the cancellation or surrender of the subsidiary corporation'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. Transactions involving deeds issued to holder of a mortgage pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure.
Every deed or other instrument which is tax exempt pursuant to this section shall be presented to the director of finance so as to be appropriately marked by said director 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 director, a certificate setting forth the facts which justify exemption shall be presented.
(Ord. M-19-13, 10-7-2013; amd. Ord. M-7-22, 2-7-2022)