A. Throughout this article, the singular shall include the plural, and the masculine shall include the feminine and neuter.
B. As used in this article, the following terms shall have the meanings indicated:
ACCEPTANCE — The making, execution or final delivery of a document by all parties to a transaction.
ACQUIRED COMPANY — A real estate company where a change in the ownership interest in the company, however effected:
(1) Does not affect the continuity of the company; and
(2) Of itself or together with prior changes, has the effect of transferring, directly or indirectly, 90% or more of the total ownership interest in the company within a period of three years.
ASSOCIATION — A partnership, limited partnership or any other form of unincorporated enterprise owned or conducted by two or more persons other than a private trust or decedents estate.
BOARD — The Board of Township Commissioners of the Township of Upper Dublin, Montgomery County, Pennsylvania.
CORPORATION — A corporation or joint-stock association, business trust or banking institution which is organized under the laws of this Commonwealth, the United States or any other state, territory or foreign country or dependency.
DISTRICT — The Township of Upper Dublin, Montgomery County, Pennsylvania.
DOCUMENT — Any deed, instrument or writing which conveys, transfers, demises, vests, confirms or evidences any transfer or demise of title to real estate, but does not include wills, mortgages, deeds of trust or other instruments of like character given as security for a debt and deeds of release thereof to the debtor, land contracts whereby the legal title does not pass to the grantee until the title consideration specified in the contract has been paid or any cancellation thereof unless the consideration is payable over a period of time exceeding 30 years or instruments which solely grant, vest, or confirm a public utility easement. “Document” shall also include a declaration of acquisition required to be presented for recording under § 224-3B of this article.
MEMBERS OF THE SAME FAMILY — Any individual, such individual’s brothers and sisters, the brothers and sisters of such individual’s parents and grandparents, the ancestors and lineal descendants of any of the foregoing, a spouse of any of the foregoing and the estate of any of the foregoing. Individuals related by the half blood or legal adoption shall be treated as if they were related by the whole blood.
PERSON — Every natural person, association or corporation. Whenever used in any subsection prescribing and imposing a fine or imprisonment, or both, the term “person,” as applied to associations, shall include the responsible members or general partners thereof, and as applied to corporations, the officers thereof.
REAL ESTATE —
(1) Any lands, tenements or hereditaments within this commonwealth, including without limitation buildings, structures, fixtures, mines, minerals, oil, gas, quarries, spaces with or without upper or lower boundaries, trees and other improvements, immovables or interest which by custom, usage or law pass with a conveyance of land, but excluding permanently attached machinery and equipment in an industrial plant.
(2) A condominium unit.
(3) A tenant-stockholder’s interest in a cooperative housing corporation, trust or association under a proprietary lease or occupancy agreement.
REAL ESTATE COMPANY — A corporation or association which is primarily engaged in the business of holding, selling or leasing real estate, 90% or more of the ownership interest in which is held by 35 or fewer persons and which:
(1) Derives 60% or more of its annual gross receipts from the ownership or disposition of real estate; or
(2) Holds real estate, the value of its entire tangible asset holdings exclusive of tangible assets which are freely transferable and actively traded on an established market.
SECRETARY — The Secretary of the Board of Township Commissioners of the Township of Upper Dublin, Montgomery County, Pennsylvania.
TAX — The tax imposed, assessed and levied by this article.
TITLE TO REAL ESTATE —
(1) Any interest in real estate which endures for a period of time, the termination of which is not fixed or ascertained by a specific number of years, including without limitation an estate in fee simple, life estate or perpetual leasehold; or
(2) Any interest in real estate enduring for a fixed period of years but which, either by reason of the length of the term or the grant of a right to extend the term by renewal or otherwise, consists of a group of rights approximating those, including without limitation a leasehold interest or possessory interest under a lease or occupancy agreement for a term of 30 years or more or a leasehold interest or
possessory interest in real estate in which the lessee has equity. In determining the term of a lease, it shall be presumed that a right or option to renew or extend a lease will be exercised if the rental charge to the lessee is fixed or if a method for calculating the rental charge is established.
TRANSACTION — The making, executing, delivering, accepting or presenting for recording of a document.
TREASURER — The duly elected and acting Treasurer of the Township of Upper Dublin, Montgomery County, Pennsylvania.
VALUE —
(1) In the case of any bona fide sale of real estate at arm’s length for actual monetary worth, the amount of the actual consideration therefor, paid or to be paid, including liens or other encumbrances thereon existing before the transfer and not removed thereby, whether or not the underlying indebtedness is assumed, and ground rents, or a commensurate part thereof where such liens or other encumbrances and ground rents also encumber or are charged against other real estate.
(2) In the case of a gift, sale by execution upon a judgment or upon the foreclosure of a mortgage by a judicial officer, transactions without consideration or for consideration less than the actual monetary worth of the real estate, a taxable lease, an occupancy agreement, a leasehold or possessory interest, any exchange of properties, or the real estate of an acquired company, the actual monetary worth of the real estate determined by adjusting the assessed value of the real estate for local real estate tax purposes for the common level ratio of assessed values to market values of the taxing district as established by the State Tax Equalization Board, or a commensurate part of the assessment where the assessment includes other real estate.
(3) In the case of an easement or other interest in real estate, the value of which is not determinable under definitions (1) or (2) above, the actual monetary worth of such interest.
(4) The actual consideration for or actual monetary worth of any executory agreement for the construction of buildings, structures or other permanent improvements to real estate between the grantor and other persons existing before the transfer and not removed thereby or between the grantor, the agent or principal of the grantor or a related corporation, association or partnership and the grantee existing before or effective with the transfer.