The amount of tax payable in each case shall be as follows.
(A) Exception. Where there is no consideration or when the consideration is $500 or less, no real estate transfer tax shall be payable.
(B) Amount payable. Where the consideration shall exceed $500, the payable shall be 1% of the consideration, the proceeds of which tax shall be earmarked for the purposes set forth in § 2-6-9(A) of this chapter. No increase in the 1% tax established by this subsection (B) shall be levied after the passage of the effective date of this subsection (B) until such tax rate increase shall have been approved by a majority of the registered electors voting at a regular or special election.
(Ord. 26(1979) § 4; Ord. 5(1980) § 4; Ord. 8(1987) § 1; Ord. 10(1992) § 1)