HomeMy WebLinkAboutOrdinance No. 18402~,~o
ORDINANCE NO. ~ ~' ~~~-~.
AN ORDINANCE CONCERNING TAXING TRANSFERS of REAL
PROPERTY; AND ADDfiNG SECTIONS 3.84, 3.842, 3.844,
3.8 4 6, 3. S 4 8, 3. S 5 a, A~~D 3, 8 5 2 TO THE EUGENE CQDE ,
1971; AND PROVIDING AN EFFECTIVE DATE.
THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS:
Section 1. There are hereby added to the Eugene Code, l9?1,
sections numbered and reading:
3.8 4 4 Real-Property-~Tra~ns~f er Tax ~ Title . Sections 3.84 0 to
3.852 may be referred to as the Real-~Property~-Transfer
Tax ordinance of Eugene.
3.842 Real-Property-Txansfer Ta,~ - imposition. Except as sec-
tion 3.844 pro~rides to the contrary, a tax is hereby im-~
posed on all transfers of interests in real property in the city.
On each such transfer the transferor and transferee are jointly
and severally liable to pay the ta,x.
3.844 Real-Property-Transfer Tax -.Exemptions. The tax imposed
by section 3.842 does not apply to a lease or to a
transfer
~a~ recorded before the section takes effect;
~bS made by or to a government or a governmental
instrumentality;
~c} made solely to provide or release security
for an obligation;
~.d~ made in execution of a judgment in a mort-
gage or lien foreclosure or in lieu of such afore-~
closure;
~e~ made merely to confirm or correct a previous
conveyance;
~f~ made between reorganizing corporations solely
for purposes of effecting the reorganization;
~g~ rnade in a partnership reorganization merely
to transfer property from one partner to another, pro-
vided
1. the partnership continues to exist
within the meaning of the United States Internal
Revenue Code, and
2, the partnership continues to own the
transferred property;
~h~ made to the transferor's spouse under a
decree of dissolution of their marriage or to fulfill
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a property
property is
before the
or,
settlement under .the decree, provided the
acquired by one or both of the spouses
decree is issued;
~i~ made to a surviving spouse., or minor son or
daughter under the~law governing decedent's estates.
3.846 Real-Pro ert ~-Transfer Tax -~ Rate.
X17 Except a~s subsections ~.2 ~ and ~3 ~ of this section
provide to the contrary, the amount of the tax on a transfer of
an interest in real property is one percent of the value of the
interest transferred. That ~ralue is the monetary worth of the
transferred interest at the time of the transfer, as
~~a~ recited in the conveyance of the interest
or,
est
the
whichever
~2~
the city,
the value
amount of
~.~ ~~
Flo, ooo, 00
computing
~b~ indicated by the assessed value of the inter-~
as specified on the property rolls in the office of
Lane County Assessor,
value is the higher.
Tf the property lies partly in and partly out of
the tax applies only to the part in the city, and only
of that part gay f~,gure in the computation of the
tax due for the transfer.
2f the property is a single~fam~ily residence,
_ ~of the value of the residence shall be excluded in
the tax.
3.845 Real-Property-Transfer Tax,specification of Consideration.
A conveyance of an interest in real property in the city
shall specify the total actual consideration for the transfer
effected by the conveyance or be accompanied by an affidavit by a
licensed attorney or realtor or an accredited real property
appraiser specifying the value of the interest and the amount of
title insurance purchased incidental t~ the transfer to protect
the transferee's interest in the property.
8.85o Real-Property-~Transf~er Tax - Admin,~stration. The finance
officer shall collect all taxes dui under this ordinance
and otherwise administer the ordinance, He~rnay, after due notice
and hearing, promulgate rules, regulations, and forms necessary
or expedient far administering the ordinance, including require-
ments that licensed realtors and title insurance companies notify
parties involved in transfers of interests in real property about
the bearing of the city~s real-property-transfer tax on the trans-
fers.
3. S52 Real-Property-Transfer Tax - Coi~~,ection.
~1~ A tax due under this ordinance is payable upon de-
livery of the conveyance that effects the transfer ~n which the
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tax is imposed.
~2~ Within 14 days after the conveyance is officially
recorded, the tax ~.s delinquent to the extent not paid.
~3~ The penalty for the delinquency is ten percent of
the amount of the tax.
4.4 ~ Ninety days after the recording, if the tax is not
fully paid, an additional ten percent of the unpaid amount is
due as an additional penalty.
~.5~ On a delinq•~ent amount of the tax, interest accrues
at the rate of ane percent a month or fraction thereof , from
the date the delinquency beginsuntil the date the delinquent
amount is paid.
~6} A penalty fir, and ,interest on, such a tax becomes
a part of the tax.
4:7 ~ The finance officer nay bring an action in a court
of competent jurisdiction to enforce payment of a tax delinquent
under sections 3.840 to 3.852. The finance officer may also make
the delinquent tax a lien on the property involved in the trans-
fer and enforce payment of the delinquent tax by foreclosure of
the lien in the manner authorized by law.
Section 2. That the provisions contained herein concern the
public welfare and safety and therefore, an emergency is hereby de-
clared to exist, and this ordinance shall become effective November 1,
1979 if approved by the voters of the City at an election to be held
on June 26, 1979.
Passed by the City Council this
~~
~-~- day of , 19 7 9
Cit Recorder
Approved by the Mayor this
--- day of 19 7 9
crt~ g May nci res ~ dent
Ordinance - 3