224.1.1 AUTHORITY TO LEVY.
The tax imposed by this Chapter shall be known as the Real Property Transfer Tax of the City of Torrance. The provisions of this Chapter are adopted pursuant to the authority contained in Part 6.7 (commencing with Section 11091) of Division 2 of the Revenue and Taxation Code of the State of California.
224.1.2 TAX IMPOSED.
(Amended by O-3333)
There is hereby imposed on each deed, instrument or writing by which any lands, tenements, or other realty sold within the City of Torrance shall be granted, assigned, transferred or otherwise conveyed to, or vested in, the purchaser or purchasers, or any other person or persons, by his or their direction, when the consideration or value of the interest or property conveyed (exclusive of the value of any lien or encumbrances remaining thereon at the time of sale) exceeds One Hundred Dollars ($100), a tax at the rate of twenty-seven and one-half cents ($0.275) for each Five Hundred Dollars ($500) or fractional part thereof; provided, however, that effective July 1, 1991, the tax imposed by this Section shall be at the rate of fifty-five cents ($0.55) for each Five Hundred Dollars ($500), or fractional part thereof, which tax shall be in addition to any such tax imposed by the County of Los Angeles pursuant to Revenue and Taxation Code Section 11911; provided further, that effective July 1, 1993, the tax imposed by this Section shall be at the rate of twenty-seven and one-half cents ($0.275) for each Five Hundred Dollars ($500) or fractional part thereof, which tax shall be in addition to any such tax imposed by the Court of Los Angeles pursuant to Revenue and Taxation Code Section 11911.
224.1.3 LIABILITY TO PAY.
Any tax imposed pursuant to Section 224.1.2. shall be paid by any person who makes, signs or issues any document or instrument subject to the tax, or for whose use or benefit the same is made, signed or issued.
224.1.4 MORTGAGES.
Any tax imposed pursuant to this Chapter 24, shall not apply to any instrument in writing given to secure a debt.
224.1.5 GOVERNMENTAL AGENCIES.
(Amended by O-2052)
Any deed, instrument or writing to which the United States or any agency or instrumentality thereof, any state or territory, or political subdivision thereof, is a party shall be exempt from any tax imposed pursuant to this Chapter 24 when the exempt agency is acquiring title.
224.1.6 PLANS FOR REORGANIZATION AND ADJUSTMENT.
Any tax enforced pursuant to this Chapter 24 shall not apply to the making, delivering or filing of conveyances to make effective any plan of reorganization or adjustment:
a) Confirmed under the Federal Bankruptcy Act, as amended;
b) Approved in an equity receivership proceeding in a court involving a railroad corporation, as defined in subdivision m) of Section 205 of Title 11 of the United States Code, as amended;
c) Approved in an equity receivership proceeding in a court involving a corporation, as defined in subdivision 3) of Section 506 of Title 11 of the United States Code, as amended; or
d) Whereby a mere change in identity, form or place of organization is affected.
Subdivisions a) to d), inclusive, of this Section shall only apply if the making, delivery or filing of instruments of transfer or conveyances occurs within five (5) years from the date of such confirmation, approval or change.
224.1.7 ORDERS OF SECURITIES AND EXCHANGE COMMISSION.
Any tax imposed pursuant to this Chapter 24 shall not apply to the making or delivery of conveyances to make effective any order of the Securities and Exchange Commission, as defined in subdivision a) of Section 1083 of the Internal Revenue Code of 1954; but only if:
a) The order of the Securities and Exchange Commission in obedience to which such conveyance is made recites that such conveyance is necessary or appropriate to effectuate the provisions of Section 79k of Title 15 of the United States Code, relating to the Public Utility Holding Company Act of 1935;
b) Such order specifies the property which is ordered to be conveyed;
c) Such conveyance is made in obedience to such order.
224.1.8 PARTNERSHIP INTERESTS.
a) In the case of any realty held by a partnership, no levy shall be imposed pursuant to this Chapter 24 by reason of any transfer of an interest in a partnership or otherwise if:
1) Such partnership (or another partnership) is considered a continuing partnership within the meaning of Section 708 of the Internal Revenue Code of 1954; and
2) Such continuing partnership continues to hold the realty concerned.
b) If there is a termination of any partnership within the meaning of Section 708 of the Internal Revenue Code of 1954, for purposes of this Chapter 24, such partnership shall be treated as having executed an instrument whereby there was conveyed, for fair market value (exclusive of the value of any lien or encumbrance remaining thereon), all realty held by such partnership at the time of such termination.
c) Not more than one tax shall be imposed pursuant to this Chapter 24, by reason of a termination described in subdivision b) and any transfer pursuant thereto, with respect to the realty held by such partnership at the time of such termination.
224.1.9 ADMINISTRATION.
The County Recorder shall administer this Chapter 24 in conformity with the provisions of Part 6.7 of Division 2 of the Revenue and Taxation Code and the provisions of any county ordinance adopted pursuant thereto.