§ 1425. Imposition of tax. Notwithstanding any other provisions of law
to the contrary, the county of Erie, acting through its local
legislative body, is hereby authorized and empowered to adopt and amend
local laws imposing in such county a tax on each conveyance of real
property or interest therein when the consideration exceeds five hundred
dollars, at the rate of two dollars and fifty cents for each five
hundred dollars or fractional part thereof; provided, however, that with
respect to (A) a conveyance of a one, two or three-family house and an
individual residential condominium unit, or interests therein; and (B)
conveyances where the consideration is less than five hundred thousand
dollars, the consideration for the interest conveyed shall exclude the
value of any lien or encumbrance remaining thereon at the time of
conveyance. Such local law shall apply to any conveyance occurring on or
after June first, nineteen hundred ninety, but shall not apply to
conveyances made on or after such date pursuant to binding written
contracts entered into prior to such date, provided that the date of
execution of such contract is confirmed by independent evidence such as
the recording of the contract, payment of a deposit or other facts and
circumstances as determined by the treasurer.