There is imposed on each instrument of writing by which land, tenement, or other realty sold within the city is transferred or conveyed to the purchaser or other grantee when the consideration or value of the interest conveyed (exclusive of the value of an encumbrance remaining at the time of sale) exceeds one hundred dollars, a tax at the rate of $0.275 for each five hundred dollars or fractional part of five hundred dollars. (Ord. 76-3 § 2, 1976)