A tax is hereby levied and imposed upon the transfer of any estate of inheritance or freehold, of any declaration or limitation of use, or any estate above 7 years, in Baltimore City, at the rate of 1½% of the taxable basis thereof, as hereinafter defined. Except that the tax levied and imposed hereunder shall not apply to any lease or sublease for an initial term of not more than 7 years which contains any provisions for renewal for 1 or more succeeding stated terms of not more than 7 years each, if under such provision for renewal the right to effect or prevent each such renewal term shall be optional with either the landlord or the tenant. Said tax shall be payable before the written instrument intending to effect such transfer shall be offered to the Clerk of the Circuit Court for Baltimore City for recordation. The payment of the tax levied and imposed hereunder:shall be made to the Director of Finance of Baltimore City, at a place designated by the said Director of Finance; and shall be evidenced by the affixing of an official receipt upon such written instrument by the Director of Finance or his authorized representative. Such receipt shall be in such form as may be designated by the Director of Finance. The tax imposed by this subtitle does not apply to the first $22,000 of the consideration payable on the conveyance of owner-occupied residential property if:the total consideration payable on the conveyance is less than $250,000; and the instrument in writing is accompanied by a statement, signed under oath by the buyer, that the buyer will use the property as the buyer’s principal residence by actually occupying the property for at least 7 months of the 12-month period immediately following the conveyance. Except as specified in subparagraph (ii) of this paragraph, the buyer shall receive the entire exemption provided by this subsection (d), irrespective of (A) any contractual provisions concerning the division of taxes between the buyer and the seller and (B) the presumption under <cite data-doc="Md. Code" data-path="grp|14-104">State Real Property Article § 14-104(b) </cite>{“Division of ... Tax: Presumption”}. The seller shall receive the entire exemption provided by this subsection (d) if (A) the seller has agreed by contract to pay the entire amount of the tax imposed by this subtitle or (B) the seller is responsible for paying the entire amount of the tax under <cite data-doc="Md. Code" data-path="grp|14-104">State Real Property Article § 14-104(c) </cite>{“Division of ... Tax: First-time Maryland Home-buyers”}. City Code, 1966, art. 28, §122(a) 1976/83, art. 28, §68(a)(1st par.) Ord. 63-048 Ord. 67-926 Ord. 67-992 Ord. 67-1052 Ord. 67-1102 Ord. 69-511 Ord. 72-089 Ord. 75-807 Ord. 76-141 Ord. 76-151 Ord. 81-367 06-312 Ordinance 06-312 added subsection (d). Section 3 of Ord. 06-312 provides that it “takes effect July 1, 2007, as to any instrument conveying title or securing a debt that contains a notary acknowledgment dated on or after July 1, 2007, and is presented for recordation on or after July 1, 2007.”