Ordinance 98-1: Real Estate Transfer Tax-1.5% Increased

AN ORDINANCE TO INCREASE THE RATE OF A REAL ESTATE TRANSFER TAX IMPOSED BY THE TOWN OF TOWNSEND, DELAWARE ON THE TRANSFER OF REAL ESTATE WIHIN THE CORPORATE LIMITS OF THE TOWN.

Section 1

Pursuant to Title 22 Delaware Code §1601, the Real Estate Transfer Tax imposed by the Town of Townsend is increased from a rate of one percent (1%) to 1 ½ percent (1 ½ %). The Real Estate Transfer Tax shall be paid by the transferee and shall be calculated as 1 and ½ percent of the value of the real property as represented by the document transferring the property. This tax is to be paid upon the transfer of real property within the Town.

Section 2

The Provisions of §5401 and §5402 of Title 30 Delaware Code shall apply with respect to the Real Estate Transfer Tax.

Section 3

This Ordinance amends Ordinance 95-1. If any part of this Ordinance is in conflict with any portion of Ordinance 95-1, this Ordinance shall prevail.

Section 4

Inconsistent Ordinance Repealed: All Ordinances or parts of Ordinances and all Resolutions or parts of “Resolutions in conflict herewith are hereby repealed.

Section 5

The provisions of this Ordinance shall become effective immediately upon it’s adoption.

First Reading Approved by Council on: October 7, 1998; Second Reading Approved by Council on: December 15, 1998; Signed by Town Council President: Max Yealey; Attested: RuthAnn O’Grady, Council Secretary

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