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Title: 3 - Revenue and Finance

Chapter: 12 - Real Property Transfer Tax

Section: 81 - Foreclosure transfers

The tax imposed pursuant to this chapter shall not apply with respect to any deed, instrument, or writing to a beneficiary or mort­gagee, which is taken from a mortgagor or trustee as a result of or in lieu of a forfeiture provided, however, that the tax shall apply to the extent that the consideration exceeds the unpaid debt, including accrued interest and the costs of foreclosure. Consideration, unpaid debt amount and identification of grantee as beneficiary or mortgag­ee shall be noted on said deed, instrument or writing or stated in an affidavit or declaration under penalty of perjury for tax purposes.

 

(Ord. 2000-010 § 12, 2000.)