1967 ORD NO 1310 - Laserfiche WebLink

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1; ORDINANCE NO. 1310 I 2'i AN ORDINANCE OF THE CITY OF COLTON IMPOSING A DOCUMENTARY STAMP TAX 31 ON THE SALE OF REAL PROPERTY. i 4i IThe City Council of the City of Colton does ordain 5 I �i as follows: 7% This ordinance shall be known as the Section 1. 8" 1 Property Transfer Tax Ordinance of the City of Colton". Rea p Y 9! Ip t is adopted pursuant to the authority contained in Part 6.7 10 11 I (commencing with Section 11901) of Division 2 of the Revenue and ( c om g 12 Taxation Code of the State of California. 13 Section 2. There is hereby imposed on each deed, 14ins trument or writing by which any lands, tenements, or other 15 realty sold within the City of Colton shall be granted, assigned, 16 transferred or otherwise conveyed to, or vested in, the purchaser 17 o purchasers, urchasers, or any other person or persons, by his or their 18 iIdirection, when the consideration or value of the interest or 19 20property conveyed (exclusive of the value of any lien or encum- I 'I remainin thereon at the time of sale) exceeds one 21 ji brances g 22 'Illi dollars 100 , a tax at the rate of twenty-seven and !, hundred do lla ( $ ) or 213 23 !� -half cents ($0.275) for each five hundred dollars ($_500 ) ,i one i 24 j franction.al part thereof. 25 Section 3. Any tax imposed pursuant to Section y 26 hereof shall be paid by any person who makes, signs or issues 27 document or instrument subject to the tax, or for whose use 28 I any 29 or benefit the same 1_s made, signed or issued. 30 Section 4. Any t8X imposed pursuant to this I 31 � ordinance shall not apply to any instrument in writing given to i 32 secure a debt.