(Amended by Ord. No. 153,077, Eff. 11/30/79.)
The provisions of the division shall not apply to:
(a) Property exempt from taxation under the Documentary Transfer Tax Act of the State of California.
(b) The first sale of a residential building or condominium located in a subdivision whose final map has been approved and recorded in accordance with the Subdivision Map Act not more than two years prior to the first sale. Provided, however, that such exception shall not apply to a condominium created in a condominium conversion project, as said terms are defined in LAMC Section 12.03. (Amended by Ord. No. 185,587, Eff. 7/16/18.)