INCOME OR OCCUPATIONS SUBJECT TO LICENSE FEES
§ 110.15  INCOME RECEIVED FROM REAL ESTATE.

(A) The income received from the operation of real estate by persons, trust companies, and real estate agents, for or on behalf of persons or estates are subject to the license fee imposed by this chapter where the operation falls within the classes hereinafter described.

(1) Warehouses, apartments, hotels, and similar structures.  The operation of these types of buildings, constitutes a subject activity, and the income thereof is subject to the fee imposed by this chapter.

(2) Apartment houses, single dwellings, and other rental property. As to this type of real estate, the income derived therefrom is considered subject when the operation thereof is so extended as to constitute an activity within the meaning of this chapter, and it shall constitute an activity within the meaning of this chapter if the person operates two or more units for rent.

(C)  When any property falls within the classifications above given, the manner of its acquisition, i.e., purchase, gift, inheritance, fiduciary, or as fiduciary mortgagee in possession, does not affect the subjectability of the income derived therefrom.

(D) Where the property is located within the city limits, the residence of the beneficiary is immaterial.

(Ord. 220.23, passed 11-18-97)  Penalty, see § 110.99

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