Minutes 05/26/1992 - Laserfiche WebLink

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TUESDAY. MAY 26, 1992 Martinsville, and who shall receive compensation for such service in an amount equal to five percent of the amount collected and remitted, which compensation shall be ~aid out of the city treasury. Upon motion, duly seconded and by unanimous vote, Council adopted, on second reading, Ordinance No. 92-5 authorizing the imposition and colle~tien of a l~al recordation tax upon various instruments admitted to record i~ ~h~ elerk's Office of the Circuit Court as follows: WHEREAS, Chapter 8 under S]lbtitle I of Title 58.1 of the 1950 Code of Virginia, as amended, aut~,~.orizes the imposition and collection of a state recordation tax upo~. various instruments admitted to record in the Clerk's Offices of the~circuit courts of this Colonwealth; and ~~, Section 58.1-814 ~-~der said Chapter 8 and Section 58.1-3800 of said Code authorize the=~9overning body of any city to impose a recordation tax in an amongst e~al to one-third of the amount of the state recordation tax; no~] therefore, BE IT O~AIMD by the Coun~il of the City of Martinsville, Virginia, in regular session asse~led?'~n May 26, 1992, that a city recordation tax be, and it hereby is, i~osed upon the first recordation of each taxable instrument in the==~Clerk's Office of the Circuit Court of the City of Martinsville in a}}~amount e~al to one-third of the amount of the state recordation tax~'~except that no local recordation tax shall be levied under this ordi]~'~nce when the state recordation tax imposed under said Chapter 8 is f.~Tty cents), and who shall deposit all funi~ the treasury of the City compensation for such the amount so collected a~ the tax imposed by this ordinance shall be ~e Circuit Court of the City of Martinsville collected pursuant to this ordinance into Martinsville, and who shall be entitled to .ces in an amount equal to five percent of paid over. Council asked the City ManMger to work with the City's representatives in the General Assembly to·,!ipresent legislation which would allow local governments to retain 100.~i?!~of such recordation taxes, instead of being forced to remit 5% to the ~tate. Upon motion, duly seconde~!.and by unanimous vote, Council adopted, on first reading, Ordinance i~;~'o. 92-8 amending Chapter 12--Motor Vehicles and Traffic, Article VI--~i~ate Regulations for Motor Vehicle Operation, Section 12-140--Adoption i~f amendments and additions to motor vehicle