§ 21-37. Exemption—Transfers without a change in proportional ownership.  


Latest version.
  • No Documentary Transfer Tax shall be due upon any document transferring an interest in real property between an individual or individuals and a legal entity, or between legal entities, if such transfer results solely in a change in the method of holding title, and in which proportional ownership interests in the real property (whether represented by stock, membership interest, partnership interest, cotenancy interest, or otherwise) directly or indirectly, remain the same immediately after the transfer.

(Ord. No. 3982, § 2 (part), 3-25-08)