The real estate transfer tax imposed by this chapter shall not apply to:
(A) Governmental entities. Any transfer wherein the United States, or any agency or instrumentality thereof, the state, any county, city and county, municipality, district or other political subdivision of this state, is either the grantor or grantee;
(B) Gift. Any gift of real property, where there is no consideration other than love and affection or charitable donation;
(C) Joint properties. Any transfer by document, decree or agreement partitioning, terminating or evidencing termination of a joint tenancy, tenancy in common or other co-ownership in real property; however, if additional consideration of value is paid in connection with such partition or termination, the tax shall apply and be based upon such additional consideration;
(D) Death. The transfer of title or change of interest in real property by reason of death, pursuant to: a will, the law of descent and distribution, or otherwise;
(E) Changes within entity. Transfers made pursuant to reorganization, merger or consolidation of corporations, or by a subsidiary to a parent corporation for no consideration other than cancellation or surrender of the subsidiary’s stock, or transfers made to a corporation, partnership, limited partnership, joint venture, business trust or other association or organization, if that association or organization is owned by the persons by whom such transfer was made, if such owners have the same relative interests in such association or organization as they had in the real property immediately prior to such transfer and there is no consideration other than their respective interests in the new association or organization;
(F) Bankruptcies. Transfers to make effective any plan confirmed or ordered by a court of competent jurisdiction under the Bankruptcy Act or in an equity receivership proceeding;
(G) Corrections to title. Any transfer made and delivered without consideration for the purpose of confirming, correcting, modifying or supplementing a transfer previously recorded; making minor boundary adjustments; removing clouds on titles; or granting easements, rights-of-way or licenses;
(H) Court order. Any decree or order of a court of record quieting, determining or resting title, including a final order awarding title pursuant to a condemnation proceeding;
(I) Cemetery lots. Any transfer of cemetery lots;
(J) Leases. Any lease of any real property (or assignment or transfer of any interest in any such lease) provided the terms and conditions of such lease do not constitute a taxable lease of the property;
(K) Mineral rights. Any mineral transfer or royalty transfer;
(L) Debt securities. Transfers to secure a debt or other obligation, or releases on real property which is security for a debt or other obligation;
(M) Executory contract. Any executory contract for the sale of real property, of less than three years’ duration, under which the vendee is entitled to or does take possession thereof without acquiring title thereto, or any assignment or cancellation of any such contract;
(N) Prior to effective date. Any transfer that is made pursuant to a valid and legally enforceable contract for sale entered into between the seller and purchaser prior to the effective date of Ordinance 26, Series of 1979, pursuant to which transaction the deed or instrument of conveyance is executed and recorded on or before June 1, 1980;
(O) Presale contract.
(1) Any transfer that is made pursuant to a valid and legally enforceable presale contract:
(a) Entered into between a seller and a purchaser prior to the effective date of Ordinance 26, Series of 1979; or
(b) Pursuant to which transaction the deed or instrument of conveyance is executed and recorded on or before June 1, 1980.
(2) A
PRESALE CONTRACT is defined as a valid and legally enforceable contract for the sale of real property which has been signed prior to the commencement of construction of improvements thereon, to be closed following completion of the improvements and pursuant to which contract seller is obligated to construct the improvements to the property after the contract is signed and prior to the closing date of the contract.
(P) Certain housing projects. Any sale or conveyance of real property or improvements for the purpose of constructing, or providing low or moderate priced housing units for sale or lease to low or moderate income persons; provided, that the parties to the transaction shall apply to the Town Manager for the exemption prior to its being allowed, and the parties shall agree to appropriately restrict the future use of the property to low and moderate priced housing units by recorded agreement, deed restriction, covenants, declarations or similar instrument as may be required by the Town Manager; and
(Q) Properties not annexed. Any transfer that is made pursuant to a valid and legally enforceable contract for sale or presale contract entered into between the seller and the purchaser prior to the effective date of the annexation and pursuant to which transaction, the deed or instrument of conveyance is executed and recorded within 180 days after the date the annexation of the property to the town is effective.
(Ord. 26(1979) § 5; Ord. 5(1980) § 5; Ord. 42(1980) § 1)