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A tax is imposed on the privilege of transferring title to real estate, as represented by the deed that is filed for recordation, and on the privilege of transferring a beneficial interest in a land trust holding legal title to real estate located in such county as represented by the trust document that is filed for recordation, at the rate of 25 cents for each $500 of value or fraction thereof stated in the declaration provided for in this Section. If, however, the real estate is transferred subject to a mortgage, the amount of the mortgage remaining outstanding at the time of the transfer shall not be included in the basis of computing the tax.
Such tax shall be collected by the County Recorder through the sale of revenue stamps whose design, denominations and form shall be prescribed by the Department. The County Recorder may sell the revenue stamps at a rate of 25 cents per $500 of value or fraction thereof. Except as provided in § 3.20.040, no deed or trust document shall be accepted for filing by the County Recorder unless County Revenue stamps in the required amount have been purchased from the County Recorder. Such revenue stamps shall be affixed to the deed or trust document by the County Recorder either before or after recording as requested by the grantee. A person using or affixing a revenue stamp shall cancel it and so deface it as to render it unfit for reuse by marking it with his initials on the day, month and year when the affixing occurs. Such markings shall be made by writing or stamping in indelible ink or by perforating with a machine or punch. However, the revenue stamp shall not be so defaced as to prevent ready determination of its denomination and genuineness.
(Ord. O-9311-1500-68, § 2, passed 11-23-1993)