(a) Whoever makes, executes, delivers, accepts or presents for recording any document, or in whose behalf any document is made, executed, delivered, accepted or presented for recording, shall be subject to pay a tax, for and in respect to the transaction or any part thereof, at the rate of one percent of the value of the real estate represented by such document, which is split fifty percent with the Ellwood City Area School District. Such tax shall be payable at the earlier of the time the document is presented for recording or within thirty days of acceptance of such document or within thirty days of an entity becoming an acquired company.
(b) The payment of the tax imposed by this chapter shall be evidenced by the affixing of an official stamp or writing by the Recorder whereon the date of the payment of the tax, the amount of the tax and the signature of the collecting agent shall be set forth.
(c) It is the intent of this chapter that the entire burden of the tax imposed herein on a person or transfer shall not exceed the limitations prescribed in the Local Tax Enabling Act, being the Act of December 31, 1965, P.L. 1257, 53 P.S. 6901 et seq., so that if any other political subdivision shall now or hereafter impose such tax on the same person or transfer, then the tax levied by the Borough under the authority of such Act shall, during the time such duplication of the tax exists, except as hereinafter otherwise provided, be one-half of the tax rate. Such one-half rate shall become effective without any action on the part of the Borough, provided, however, that the Borough and any other political subdivision which imposes such tax on the same person or transfer may agree that, instead of limiting their respective rates to one-half of the rate herein provided, they will impose respectively different rates, the total of which shall not exceed the maximum rate permitted under the Act.
(d) If, for any reason, the tax is not paid when due, interest at the rate in effect at the time the tax is due shall be added and collected.
(Ord. 2008. Passed 3-17-87; Ord. 2416. Passed 10-15-07.)