There is imposed on each deed, instrument or writing by which any lands, tenements, or other real property within the City are sold, granted, assigned, conveyed or otherwise transferred to, or vested in, the purchaser or purchasers, or any other person or persons when the consideration or value of the property interest or real property conveyed exceeds one hundred dollars, a tax at the rates set forth below:
(a) For sales or transfers when the consideration or value of the interest or property is less than ten million dollars, a tax rate of one-half of one percent of said consideration or value; and
(b) For sales or transfers when the consideration or value of the interest or property is equal to or greater than ten million dollars, a tax rate of one and one-half percent of said consideration or value.
As used herein, "consideration or value" means the total consideration, valued in money of the United States, paid or delivered or contracted to be paid or delivered in return for the transfer of real property, including the amount of any indebtedness, existing immediately prior to the transfer which is secured by a lien, deed of trust or other encumbrance on the property conveyed and which continues to be secured by such lien, deed of trust or encumbrance after said transfer, and also including the amount of any indebtedness which is secured by a lien, deed of trust or encumbrance given or placed upon the property in connection with the transfer to secure the payment of the purchase price or any part thereof which remains unpaid at the time of the transfer.
"Consideration or value" also includes the amount of any special assessment levied or imposed upon the property by a public body, district or agency, where said special assessment is a lien or encumbrance on the property and the purchaser or transferee agrees to pay such special assessment or takes the property subject to the lien of such special assessment.
The value of any lien or encumbrance of a type other than those which are hereinabove specifically included, existing immediately prior to the transfer and remaining after said transfer, shall not be included in determining the value of the consideration.
If the consideration or value cannot be definitely determined, or is left open to be fixed by future contingencies, "consideration or value" shall be deemed to mean the fair market value of the property at the time of transfer after deducting the amount of any lien or encumbrance, if any, of a type which would be excluded in determining the consideration or value pursuant to above provisions of this section.
The terms "real property" and "realty" shall be deemed to mean real property as defined by and under the laws of the state.