Title
a. Introduce, waive reading, and set December 4, 2012 at 1:30 p.m. to consider adoption of an ordinance of the County of Monterey, State of California, amending Section 5.32 of the Monterey County Code as it relates to the Documentary Transfer Tax to reflect current law regarding the recognition of transfer of ownership rights in realty; and
b. Direct the Clerk of Board to publish the summary five days prior to set date of December 4, 2012 and within 15 days of adoption in The Salinas Californian.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Introduce, waive reading, and set December 4, 2012 at 1:30 p.m. to consider adoption of an ordinance of the County of Monterey, State of California, amending Section 5.32 of the Monterey County Code as it relates to the Documentary Transfer Tax to reflect current law regarding the recognition of transfer of ownership rights in realty; and
b. Direct the Clerk of Board to publish the summary five days prior to set date of December 4, 2012 and within 15 days of adoption in The Salinas California.
SUMMARY/DISCUSSION:
The County’s current Documentary Transfer Tax ordinance was adopted in 1967 and allows for collecting administrative fees associated with documenting the transfer of real property, whether or not such transfer of property interest is recorded. The proposed amendments reflect and conform with current state and federal law related to the legal recognition (or exemption) of the transfer of realty between persons and entities, and whether such transactions are considered a ‘transfer’ of property for assessment and taxation purposes. Importantly, the amendment would reflect and recognize the current state law regarding the definition of a change of ownership as set forth in California Revenue and Taxation Code section 60, et seq In addition, the amendment removes obsolete provisions, for example the references to the Federal Stamp Act, that has been long repealed and is no ...
Click here for full text