(A) The following deeds shall be exempt from the tax imposed pursuant to this subchapter (except for the first $50 of the tax imposed pursuant to § 39.155, which tax shall defray the cost of processing the exemption request):
(1) Deeds recorded before July 5, 2006;
(2) Deeds representing real estate transfers contracted before May 1, 2006 but recorded on or after July 5, 2006, and trust documents executed before May 1, 2006 but recorded after July 5, 2006; provided, however, that in no event shall this exemption apply to any deeds recorded after December 31, 2006. For real estate transfers falling within this exemption, a PTAX Declaration shall be filed in accordance with § 39.156 along with a true and accurate copy of such contract or trust document, and the City Clerk may affix “exempt” stamps to such deed;
(3) Deeds relating to:
(a) Real property acquired by any governmental body or from any governmental body;
(b) Property or interests transferred between governmental bodies; or
(c) Property by or from any corporation, society, association, foundation or institution organized and operated exclusively for charitable, religious or educational purposes; except that such deeds, other than those in which the Administrators of Veterans’ Affairs of the United States of America is the grantee pursuant to a foreclosure proceeding, shall not be exempt from filing the declaration.
(4) Deeds that secure debt or other obligation;
(5) Deeds that, without additional consideration, confirm, correct, modify or supplement a deed previously recorded;
(6) Deeds where the actual consideration is less than $100;
(7) Tax deeds;
(8) Deeds that release property that is security for a debt or other obligation;
(9) Deeds of partition;
(10) Deeds made pursuant to mergers, consolidations, or transfers of sales of substantially all of the assets of corporations pursuant to plans ofreorganization under plans of reorganization under the Federal Internal Revenue Code or Title 11 of the Federal Bankruptcy Act;
(11) Deeds made by a subsidiary corporation to its parent corporation for no consideration other than the cancellation or surrender of the subsidiary’s stock;
(12) Deeds where there is an actual exchange of real estate or beneficial interests, except that the money difference or money’s worth paid from one or the other shall not be exempt from the tax. Such deeds shall not be exempt from filing the declaration;
(13) Deeds issued to holder of a mortgage, or the wholly owned subsidiary of a holder of a mortgage, pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure; and
(14) A deed pertaining to a transfer of ownership of a property that is subject to a restrictive covenant, declaration, ground lease, or similar restriction that (1) has been imposed on the property for the purpose of controlling the resale of the property in order to maintain continued affordability for low- or moderate-income households, (2) is required or has been approved by the city, and (3) has been recorded with the Lake County Recorder of Deeds; provided, however, that the exemption contained in this division (A)(14) shall not be granted unless the taxpayer files, concurrent with the filing of the Transfer Tax Declaration required pursuant to this subchapter, a written letter of approval, indicating eligibility of the property for the exemption provided in this division (A)(14), signed by the Executive Director of Community Partners for Affordable Housing or his or her designee, or by the city’s Director of Community Development or his or her designee.
(B) Deeds that qualify under § 39.159 shall be required to purchase and obtain from the city a stamp to be affixed to such deed.
(C) Any person seeking to establish that a deed qualifies under § 39.159 shall be required to complete and deliver such form(s) as may be required by the city and otherwise to provide to the city all information that the city determines is necessary to establish that such deed qualifies under § 39.159. In addition to the generally applicable requirements for qualification of a deed under § 39.159, properties seeking an exemption pursuant to § 39.159(A)(13) may in determination of the city also be required to provide:
(1) The name, address, phone number(s) and e-mail address of a person who may be contacted on behalf of the grantee in connection with the property that is the subject of the deed;
(2) A statement regarding the intended use of the property that is the subject of the deed, including whether it will be immediately occupied or be left unoccupied; and
(3) An acknowledgment that the grantee assumes responsibility for the condition of the property that is the subject of the deed including conditions pre-dating the date of the deed.
(Ord. 06-18, passed 4-20-2006; Ord. 2008-39, passed 11-17-2008; Ord. 2010-07, passed 3-15-2010; Ord. 2011-32, passed 12-5-2011; Ord. 2016-02, passed 1-19-2016; Ord. 2017-58, passed 10-16-2017; Ord. 2021-026, passed 5-17-2021)