ARTICLE V. DOCUMENTARY
TRANSACTION TAX
DIVISION 2. IMPOSITION AND COLLECTION
Sec. 150-391. Taxable transactions.
Except as provided in section 150-392, the tax shall be due and collected upon each transaction involving the recordation of an instrument, act, writing or document covered by this article as follows:
(1) For all sales, mortgages, sales and resales through a savings and loan association, or sales and mortgages deemed to be a single transaction pursuant to section 150-392 and involving only one single-family residence to be occupied by the vendee and/or mortgagor, the sum of $300.00, it being understood that the term single-family residence includes a single unit in residential condominiums and single residential townhouses but does not include time-share condominiums or townhouses; provided, however, that:
a. For refinancing of an existing mortgage involving only one single-family residence occupied by the mortgagor on which there is an existing second mortgage funded by the city using urban development action grant funding, the tax shall be $100.00; and
b. For mortgages involving only one single-family residence occupied by the mortgagor in which the amount of the mortgage is $9,000.00 or less, the tax shall be as follows:
1. For mortgages less than $3,000 ..... $50
2. For mortgages of $3,000.01--$6,000.00.....$125
3. For mortgages of $6,001.00--$9,000.00.....$175c. If a sale or mortgage of a single-family residence exceeds ten pages, a notarized statement stating that the property is a single-family residence shall be required.
(2) For all other transactions, the sum of $300.00 for each instrument, act, writing or document up to a maximum of ten pages, plus an additional tax of $100.00 for each additional page, provided that the total amount of tax for each instrument, act, writing or document shall not exceed the sum of $2,500.00.
(3) For the purposes of this section, a page shall consist of a single sheet of paper measuring no larger than 8 ½ inches by 14 inches printed or written on one side only. If such single sheet of paper is printed on both sides, such shall constitute two pages. If such sheet of paper is larger by more than two percent, the number of pages shall be doubled.
(4) For the further purposes of this section, certificates and researches issued by a state, parish, municipal or federal office and attached to a recorded instrument, act, writing of document shall not be included as a page for the purpose of determining the amount of the tax.
(5) The taxpayer may delegate the function of remitting and paying the tax to the notary public or the attorney handling the transaction; however, the taxpayer shall remain liable for the tax to the city through the department of finance as hereinafter set forth.
(6) Any group of instruments deemed to be a single transaction pursuant to section 150-392, other than as provided in subsection (1) of this section, shall be taxed as a single instrument, act, writing or document.
(7) If in a single transaction there is one party who is a seller or transferor and another party who is a borrower, the tax shall be prorated in accordance with section 150-392(d).
(8) For all sales of time-share condominium units, whether characterized as sales of an interest in fee simple or right-of-use, by the developer of the time-share condominium the sum of $30.00 for the sale or transfer of each 1/52 share of each time-share condominium unit, which sum shall be due upon the sale or transfer of each fractional share of each time-share condominium unit; provided, however, any group of instruments involving sales of time-share condominium units deemed to be a single transaction pursuant to section 150-392 shall be taxed as a single instrument, act, writing or document. For any subsequent sales or transfers of fractional time-shares or interval of a condominium unit by a seller other than the time-share developer, the sum of $300.00 for each such sale or transfer. (Code 1956, § 17A-1(2))
Sec. 150-392. Determination of transactions subject to tax.
(a) For the purposes of this article, a collection or group of instruments, acts, writings, or document, affecting the same property, executed each by at least one of the parties executing the others, executed on the same day, shall be deemed to be a single transaction.
(b) For the further purposes of this article, a collection or group of instruments, acts, writings or documents affecting the same property, which property is purchased by a land developer or home builder for the specific purposes of a single-family residence for resale to a person for use as a personal residence and to be occupied by such purchaser or for specific purpose of a single-family residence to be occupied by such developer, all documents involved in the development of such property, including, without limitation, sale, credit sale, mortgage, collateral mortgage, construction contract, acceptance of completion or substantial completion and release or cancellation of mortgage, whether or not the documents are executed on the same date, shall be deemed a single transaction and only the sale or credit sale to the person who uses and occupies the single-family residence shall be subject to the tax imposed by this article; provided that all documents related to this initial development of such property shall occur within a period of three years from the original acquisition of the property by the land developer or home builder to the acquisition and taking of possession and occupancy of the single-family residence by purchaser; and provided further that the property not be sold and then resold by the purchaser prior to the acquisition and taking possession and occupancy of the single-family residence.
(c) For the further purposes of this article, a collection or group of instruments, acts, writings or documents affecting the same residential property, including all documents involved in the interim and permanent financing for the property, shall be considered a single transaction provided that the tax has been paid upon the filing of the documents in connection with the interim financing.
(d) In the case of the execution of an instrument, act, writing, or document, evidencing or embodying a transaction under the terms of which more than one person is obligated to pay the tax provided for in this article, each and every one of such persons shall be obligated, jointly, severally and solidarily with the others, to pay the full tax due.
(e) The taxpayer shall remit the full tax due to the department of finance. (Code 1956, § 17A-5)
Sec. 150-393. Remittance.
The taxpayer shall, immediately upon filing for record of the instrument, act, writing, or document, in either of the public records offices, remit and pay the tax directly or through the notary public or attorney handling the transaction to the director of the department of finance or to the custodian of notarial records in and for the parish. (Code 1956, § 17A-8)
Sec. 150-394 – 150-440. Remittance.
For more Documentary Tax Information: registrar@NotarialArchives.org