Chapter 20

COL10140811GCA FINANCE &TAXATION CH.20DOCUMENTS TAX 1CHAPTER 20 DOCUMENTS TAX § 20101. Realty Conveyance: Amount. § 20102. Fraud. § 20103. Leases, etc.: Amount. § 20104. Security Transactions: Amount. § 20105. Payment of Tax Befor e Registration. § 20101. Realty Conveyance: Amount. A tax is established on all conveyances, deeds, instruments, or writings whereby any lands, tenements, orother realty shall besold, granted, transferred, orother wise conveyed to the purchaser or purchasers, orto any other person orpersons designated by such purchaser orpurchasers, as follows: Two Dollars and Fifty Cents ($2.50) for each One Thousand Dollars ($1,000.00) or fraction thereof on the true consideration orvalue received for such realty. Provided, that in sales of encumber ed property, the tax shall be collecte d on the net amount of the consideration after deducting the amount of the encumbrance. SOURCE: §19100 GC. Amended by P .L. 29-002:V :III:2 (May 18, 2007); P .L. 29 - 019:VI:35 (Sept. 29, 2007). § 20102. Fraud. When there is good reason to believe that a frau d has been perpetrated or attempted through the declaration of fictitious consideration in any such convey ance, deed,

ept. 29, 2007). § 20102. Fraud. When there is good reason to believe that a frau d has been perpetrated or attempted through the declaration of fictitious consideration in any such convey ance, deed, instrument, or writing, the Registrar of Titles shall, from the real estate rolls, or from other reliable sources, assess the said lands, tenements, or other realty at their true market value, and the tax on such conveyance, deed, or instrument shall be assessed and collected on such true market value of the realty conveyed; and any person who, with the intent to defraud, places a fictitio us valuation on any realty con veyed and subject to the tax imposed in this Chapter, or any valua tion which shall be less than the actual amount of money or other valu able thing received or delivered in payment for such realty, shall, in addition to the payment of the tax assessed on the actual consideration received or true market value of the realty conveyed, forfeit and pay a sum equal to twice the amount of such tax. The Attorney General, shall bring suit for all such penalties in the COL10140811GCA FINANCE &TAXATION CH.20DOCUMENTS TAX 2court having jur isdiction of the amount thereof.

ice the amount of such tax. The Attorney General, shall bring suit for all such penalties in the COL10140811GCA FINANCE &TAXATION CH.20DOCUMENTS TAX 2court having jur isdiction of the amount thereof. SOURCE: §19101 GC. NOTE: Island Attorney changed to Attorney General to conform with current law . See 5 GCA Chapter 30. § 20103. Leases, etc.: Amount. The following tax shall be paid on each lease, agreement, memorandum, or contract for the hire, use, or rentof any land or tenements, orportion ther eof: (a)Iffor a period of one (1) year orless, One Dollar ($1.00). (b)Iffor a period of more than one (1) year, and not more than three (3) years, Two Dollars ($2.00). (c)Iffor a period of more than three (3) years, Three Dollars ($3.00). SOURCE: §19102 GC. Amended by P .L. 29 -002:V :III:3 (May 18, 2007). § 20104. Security T ransactions: Amount . On ever y mortga ge orpledge of lands, estate or property, real or personal , whatsoever, where the same shall bemade as security for the repayment of any definite and certain sum of money loaned at the time orpreviously due and owing orforborne to be paid, being payable; and on any conveyance of a land, estate orproperty, wh atsoever, to be sold

f any definite and certain sum of money loaned at the time orpreviously due and owing orforborne to be paid, being payable; and on any conveyance of a land, estate orproperty, wh atsoever, to be sold orother wise converted into money, which shall be and is intended only as security, either by express stipulation or otherwise, shall be paid a tax of Two Dollars and Fifty Cents ($2.50) on each One Thousand Dollars ($1,000.00) orfractional part thereof; provided, that upon each and every assignment ortransfer of any mortgage, lease orrenewal or continuance of any agreement or contract by altering orother wise, a tax shall be collected and paid at the same rate as that imposed on t he original document except that any such assignment ortransfer of any mortgage, lease, orrenewal orcontinuance of any agreement orcontract by altering, made within sixty (60) days of the mortgage to which the full fees wer e assessed, shall be assessed at a rate of Twenty Dollars ($20.00). SOURCE: §19103 GC. Amended by P .L. 29 -002:V :III:4 (May 18, 2007) . Amended by P .L. 29 -065:1 (Apr. 4, 2008) .Repealed and reenacted by P .L.

hall be assessed at a rate of Twenty Dollars ($20.00). SOURCE: §19103 GC. Amended by P .L. 29 -002:V :III:4 (May 18, 2007) . Amended by P .L. 29 -065:1 (Apr. 4, 2008) .Repealed and reenacted by P .L. 29 - 083:1 (May 30, 2008).COL10140811GCA FINANCE &TAXATION CH.20DOCUMENTS TAX 3§ 20105. Payment of T ax Before Registration . No ins trument, paper, or document of those referred to in this Chapter, nor any copy there of, shall be recorded until the payment of said taxes has been noted on said instrument, paper, or document, or proof has been ma de to the Civil Registrar that such taxes have been paid. SOURCE: §19104 GC. -----------