Sec. 4-3-50. Amount.
The amount of real estate transfer tax payable in each case shall be as follows:
(1) Transfer between co-owners.
(a) A nonexempt transfer from one (1) or more co-owners to another co-owner or co-owners is taxable in accordance with this Section. The real estate transfer tax payable with respect to such transfer shall be three percent (3%) of the gross consideration for the transfer paid to the grantor by the grantee. Notwithstanding the definition of consideration contained in Section 4-3-10 above, for the purpose of this Section, gross consideration means and includes:
1. Actual cash paid, the money equivalent of real and personal property delivered or conveyed in exchange for the transfer, or contracted to be paid or delivered or conveyed in return for the transfer;
2. The amount of any lien, mortgage, contract, indebtedness or other encumbrance or debt given to secure the purchase price, or any part thereof; and
3. The grantor’s proportionate share of the unpaid balance of any debt which is owed against the property at the time of the transfer and not satisfied in connection with such transfer. For purposes of this Paragraph, the grantor’s proportionate share of any unpaid debt which is owed against the property at the time of the transfer shall be determined by multiplying the grantor’s fractional or percentage ownership interest in the property prior to the transfer, times the unpaid balance of such debt existing as of the time of the transfer.
(b) The term gross consideration does not include as an addition thereto the amount of any outstanding lien or encumbrance in favor of the United States, the State or a municipal or quasi-government corporation or district for taxes, special benefits or improvements.
(c) The real estate transfer tax on any transfer between co-owners by lease agreement shall be determined in accordance with the definition of consideration contained in Section 4-3-10 of this Article.
(2) Where the consideration exceeds five hundred dollars ($500.00), the real estate transfer tax payable shall be three percent (3%) of the consideration.
(3) When required pursuant to Subsection 4-3-90(b) of this Article, the cost of the appraisal shall be added to the amount of real estate transfer tax as computed pursuant to this Section. (Prior code 3.12.050)