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ORDINANCE of the City of San Leandro City Council Amending Section 2-3-105 of the San Leandro Municipal Code Relating to the Real Property Transfer Tax.
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THE PEOPLE OF THE CITY OF SAN LEANDRO DO ORDAIN as follows:
SECTION 1. AMENDMENT TO THE SAN LEANDRO MUNICIPAL CODE. San Leandro Municipal Code Section 2-3-105 of the San Leandro Municipal Code is hereby amended to read as follows (with additions in italics and deletions in strikethrough):
"CHAPTER 2-3 REAL PROPERTY TRANSFER TAX
2-3-105 IMPOSITION OF TAX
(a) A tax is hereby imposed on each transfer by deed, instrument or writing, by which any lands, tenements or other real property located in the City, are sold or granted, assigned, transferred or otherwise conveyed to, or vested in, a purchaser or purchasers thereof, or any other person or persons at or by the direction of said purchaser or purchasers, when the value of the consideration exceeds One Hundred Dollars, said tax is to be at the rate of Six Dollars ($6.00) Eleven Dollars ($11.00) for each One Thousand Dollars ($1,000.00) or fractional part of One Thousand Dollars or the value of the consideration.
As used herein, "value of the consideration" means the total consideration, paid or delivered or contracted to be paid or delivered in return for the transfer or any lands, tenements or other real property, including the amount of any indebtedness, existing immediately prior to the transfer which is secured by a lien, deed of trust or other encumbrance on the property conveyed and which continues to be secured by such lien, deed or trust or encumbrance after said transfer, and also including the amount of any indebtedness which is secured by a lien, deed of trust or encumbrance given or placed upon the property in connection with the transfer to secure the payment of the purchase price or any part thereof which remains unpaid at the time of the transfer. "Value or of the consideratio...
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