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HomeMy WebLinkAboutordinance.council.021-74RECORD OF PROCEEDINGS 100 Leaves ORDINANCE NO. ~/ (Series of 1974) AN ORDINANCE IMPOSING A LAND TRANSFER TAX UPON THE RECORDATION OF DOCUMENTS TRANSFERRING INTERESTS IN REAL PROPERTY; REQUIRING THE COLLECTION OF SUCH TAX BY THE COUNTY CLERK AND RECORDER; EXEMPTING CERTAIN TRANSACTIONS FROM THE TAX IMPOSED AND ESTAB- LISHING P.ROCEDURES FOR ACQUIRING A CERtiFICATE OF EXEMPTION, PROV.IDING FOR THE APPLICATION OF FUNDS TO LIMITED USES, AND ESTABLISHING PEN.~LTIES FOR vI0~.~IONS 0~ ~IS O~DIN~C~ ~D ~O~ ~ C~.~iO~ O~ ~ LI~.~ ON ~. ~RO~R~ ~NS~ ~0~ T~~ WHE~AS, the Aspen City Counc/~is~s ~ i~ose a land transfer tax o~thos~tra~/ers of real property /- within t~ o~en~ t~p~vide for the appli- cation ~s ~~ reason of the tax, NOW, ~ER~FO~, BE IT ORDAINED BY THE CITY sectional. ~finitions (a~rson. "Person" means and includes any individual, firm, copartnership, joint venture, association, fraternal organization, corporation, estate, trust, trustee in bankruptcy, executor, administrator, or syndicate. (b) Document. "Document" means and includes any deed, instr~ent or writing by which real property located in the City of Aspen is transferred. "Document" shall not mean or include any decree of distribution in probate proceedings, any document terminating or evidencing termination of a joint tenancy in real property except where an additional consideration of value is paid in connection with such termination, or a decree of agreement partitioning real property held under co~on ownership unless a consideration of value is paid in connection therewith. STATE OF COLORADO) ) COUNTY OF PITKIN ) ss cERtIFICATE I, Lorraine Graves, City Clerk of Aspen, Colorado, do hereby certify that the above and foregoing ordinance was introduced, read by title, and passed on first reading at a regular meeting of the City Council of the City of Aspen on June 24 , 1974 , and published a weekly newspaper of general circulation, City of Aspen, Colorado, in its issue of and was finally adopted and approved at the City Council on August 12 published as Ordinance No...L21 said City, as provided by law. in the Aspen Times , published in the June 27 , 1974___, a regular meeting of 1974--, and ordered Series of 197 .~, of IN WITNESS WHEREOF, I have hereunto set my hand and the seal of said City of Aspen, Colorado, this .~ 13th day of August , 197 4. SEAL '~--~orraine Graves, City Clerk RECORD OF PROCEEDINGS 100 Leaves (c) Transfer. "Transfer" means and includes any conveyance of the ownership of or title to real property and is evident by any person offering for recording in the office of the County Clerk and Recorder in the County of Pitkin, Colorado, any deed or instrument in writing wherein or whereby title to real property situated in this City is granted or conveyed, subject to the exclusions provided in this Ordinance. Transfer shall not mean or include the transfer of title to a trustee solely as security for an obligation, the change of interest in real property by reason of death, will or decree of distribution, nor any increase in an estate in real property by reason of termination of joint tenancy or by partition of property unless a consideration of value be paid in connection with such joint tenancy termination or such partition. (d) Real Property. "Real Property" means and includes all lands or interests in lands within the City to which title or the right of title has been acquired from or ratified by the government of the United States or the State of Colorado. (e) Consideration. "Consideration" means and includes the actual cash paid and/or value of property delivered, or contracted to be paid or delivered, in return for the transfer of ownership or title to real property and shall include the amount of any lien, mortgage, contract indebtedness, or other encumbrance, either given to secure the purchase price, or any part thereof, or remaining unpaid on the property at the time of sale. The term does not include the -2- RECORD OF PROCEEDINGS 100 Leaves amount of any outstanding lien or encumbrance in favor of the United States, the State, or a municipal corporation for taxes, special benefits, or improve- ments. Section 2. Land Transfer Tax Imposed There is hereby imposed on every person transferring an interest in real property a Land Transfer Tax to be paid when offering for recordation in the office of the County Clerk and Recorder of Pitkin County, Colorado, any deed or instrument in writing, wherein or whereby title to real property situated in the City of Aspen is transferred, which fee, measured by the consideration paid or to be paid for such grant or conveyance, shall be in addition to any other fee fixed by law for the recording of such deed or instrument in writing. The amount of fee payable in each case shall be as follows: (a) Where there is no consideration or when the consideration, inclusive of the amount of any lien or encumbrance against the property granted or conveyed, is Five Hundred Dollars ($500.00) or less, no Land Transfer Tax shall be payable. (b) Where the consideration, inclusive of the amount of any lien or encumbrance against the property granted or conveyed, shall exceed Five Hundred Dollars ($500.00), the Land Transfer Tax payable shall be computed at the rate of one percent (1%) of such consideration. -3- RECORD OF PROCEEDINGS 100 Leaves Ail Land Transfer Taxes shall be payable to and collected by the County Clerk and Recorder prior to recordation, and who shall, at least once a month, distribute to the City of Aspen the Land Transfer Taxes collected for transfers of real property located within the City of Aspen. The Clerk shall be entitled to compensation equal to five percent (5%) of all monies collected under this ordinance or Twenty-Five Thousand ($25,000.00) Dollars per annum, whichever is less, in complete satisfaction of administrative costs arising from the making of collections necessary by this ordinance. Section 3. Land Affected When a document, subject to this ordinance, includes property located within the City of Aspen and property located in another city or in Pitkin County or other counties, the tax imposed under the authority of this ordinance shall be computed only with respect to property located within the City of Aspen. Section 4. Exemptions The Land Transfer Tax imposed by this ordinance shall not apply to: (a) Any document wherein the United States or any agency or instrumentality thereof, or the State of Colorado or any political subdivision thereof, or any municipality is either the grantor or grantee. (b) Any document granting or conveying title to real property in consequence of a gift of such property, where no consideration other than love and affection, charitable donation -4- RECORD OF PROCEEDINGS 100 Leaves or nominal compensation is evidenced by the terms of the instrument of transfer. (c) Any public trustee's deed executed pursuant to the provisions of Section 118-9-10, C.R.S. 1963, as amended. (d) Any treasurer's deed executed in accordance with the provisions of Section 137-11-1, et seq., C.R.S. 1963, as amended. (e) Any sheriff's deed. (f) Any deed or conveyance made and delivered without consideration for the purpose of making minor boundary adjustments or to remove clouds on titles; or granting easements, rights-of-way or licenses, where the consideration for such deed or conveyance is One Hundred Dollars ($100.00), or less. (g) Any deed granting or conveying title to cemetery lots. (h) Any executory contract for the sale of real property of less than three (3) years duration under which the vendee is entitled to or does take possession thereof without acquiring title thereto, nor to any assign- ment or cancellation of any such contract. (i) Any lease of any real property or assign- ment or transfer of any interest in any such lease. (j) Any document granting or conveying a future interest in real property. (k) Any decree or order of a court of record determining or vesting title. -5- RECORD OF PROCEEDINGS 100 Leaves (1) Any mineral deed or royalty deed. Section 5. Application for Exemption In the event any document which is exempt from the Land Transfer Tax herein imposed does not contain language clearly showing its exempt character, the grantor shall, before offering the same for recorda- tion, apply for and obtain from the City Department of Finance a Certificate of Exemption, which shall be affixed to such deed or instrument of The Certificate of Exemption shall be in the following form: transfer. substantially "EXEMPTION FROM LAND TRANSFER TAX The undersigned, as grantor or transferor of a deed or instrument of conveyance to (name of grantee or transferee), hereby applies for exemption from the payment of Land Transfer Tax, Ordinance No. , Series of , of the City of Aspen. The basis of such exemption is as follows: (State briefly grounds for exemption, including section and subdivision of Ordinance No. .) I hereby certify under penalty of perjury that the foregoing statements are true and correct. Grantor or Transferor Certificate of Exemption I hereby certify that the above described transfer of real property is exempt from the payment of Realty Transfer Tax under Ordinance No. , Section ( ). Director of Finance -6- RECORD OF PROCEEDINGS 100 Leaves Any grantor whose claim of exemption duly applied for under the provisions of this section is denied by the Director of Finance may immediately appeal to the City Council for a determination of such exemption and such appeal shall be considered by the City Council at its next regular meeting. Upon request of any such grantor, the Director of Finance shall furnish an estimate of the tax payable upon the transaction, and such amount may be deposited with the Director of Finance who shall issue receipt therefore, and the deed or instrument of conveyance involved in the claimed exempt transaction may thereupon be recorded. In the event of a determination by the City Council favorable amount of such deposit, allowed by the Council, to said grantor. to said grantor, the full or so much thereof as may be shall be promptly refunded Section 6. Application of Funds Ail funds received by the City of Aspen from the County Clerk and Recorder pursuant to this ordinance shall be deposited in the Land Transfer Tax Fund, which fund is hereby created. The fund shall be subject to appropriation by the City of Aspen only for the purpose of acquiring land for and the planning, development and construction of civic and performing arts centers and governmental buildings. Section 7. Penalties and Liens The amount of the Land Transfer Tax imposed by this ordinance is hereby assessed against the property upon the transfer of which the tax is -7- RECORD OF PROCEEDINGS 100 Leaves imposed, and if not paid when due, such tax shall constitute a lien on the property for the amount thereof, which lien shall continue until the amount thereof is paid or until its discharge of record. Any grantor who shall fail or refuse to pay any fee due hereunder shall be punished by a fine of not exceeding three hundred ($300.00) dollars or imprisonment for a period of not more than ninety (90) days, or both such fine and imprisonment at the discretion of the court. Section 8. Severability If any provision of this ordinance or the appli- cation thereof to any person or circ~stance is held invalid, such invalidity shall not affect other provisions or applications of the ordinance which can be given effect without the invalid provisions or applications and to this end the provisions or applications of this ordinance are declared to be severable. Section 9. Public Hearinq A public hearing on this ordinance shall be held on the (~'J day of ~..~ ~ , 1974, P.M., in the ~Coundil Chambers, City at Hall Building, Aspen, Colorado. INTRODUCED, ~AD AND ORDE~D PUBLISHED as provided by law by the City Council of the City of Aspen, Colorado, at its regular meeting held in Aspen, Colorado, on ~_~ ~z/ ~ , 1974. ~ Stacy ~:an~ey I I~.~_~ ATTEST: ~ ~ayor/ ~ /C~ty Clerk ~/ RECORD OF PROCEEDINGS 1 O0 Leaves READ, APPROVED AND FINALLY ADOPTED on this day of , 1974, by the Aspen City Council. ATTEST: Stacy Standley III Mayor City Clerk