A tax is hereby imposed of two dollars ($2.00) for each ($500.00) of the transfer price, or fraction thereof, of real property or beneficial interest therein which is being transferred. The tax shall be calculated upon the net taxable consideration subject to State and County property transfer taxes. Such tax is due upon the filing, recording or delivery of the deed or of the assignment of beneficial interest. The ultimate incidence of, and liability for, payment of such tax in all cases shall be borne by the grantor or seller involved in any such transaction. The tax herein levied shall be in addition to any and all other taxes and shall be collected on all transactions described above which occur on or after September 1, 1992. Notwithstanding anything to the contrary in this section, no such tax shall be due or collected on any transaction of a sale on contract or of land which occurred on or before July 6, 1992, but whose deed was not presented for filing, recording or delivery until on or after September 1, 1992. Any person who would be exempt from the payment of such tax as defined in the preceding sentence and who has paid such transfer tax may apply, in writing, on forms provided at no cost by the City Clerk's office for a refund of such City transfer tax paid. Any such refund application must be filed in the office of the City Clerk on or before March 15, 1993, and shall be accompanied by written documentation acceptable to the City's Legal Counsel verifying that such transaction was executed on or before July 6, 1992.
(Ord. 92-68. Passed 11-16-92; Ord. 2017-56. Passed 7-17-17.)