(1) Any transfer where there is no consideration or when the consideration is five hundred dollars ($500.00) or less.

(2) Any transfer wherein the United States, or any agency or instrumentality thereof, the State, any county, city and county, municipality, district or other political subdivision of the State, is either the grantor or grantee.

(3) Any transfer by gift of real property, where there is no consideration other than love and affection or charitable donation.

(4) Any transfer by document, decree or agreement partitioning, terminating or evidencing termination of a joint tenancy, tenancy in common or other co-ownership in real property; however, if additional consideration or value is paid in connection with such partition or termination, the tax shall apply and be based upon such additional consideration.

(5) Any transfer of title or change of interest in real property by reason of death, pursuant to a will, the law of descent and distribution, or otherwise.

(6) Transfers made pursuant to reorganization, merger or consolidation of corporations or by a subsidiary to a parent corporation for no consideration other than cancellation or surrender of the subsidiary’s stock, or transfers made to a corporation, partnership, limited partnership, joint venture, business trust or other association or organization if that association or organization is owned by the persons by whom such transfer was made and if such owners have the same relative interests in the association or organization as they had in the real property immediately prior to the transfer and there is no consideration other than their respective interests in the new association or organization.

(7) Transfers to make effective any plan confirmed or ordered by a court of competent jurisdiction under the Bankruptcy Code in an equity receivership proceeding.

(8) Any transfer made and delivered without consideration for the purpose of confirming, correcting, modifying or supplementing a transfer previously made; making minor boundary adjustments; removing clouds on titles; or granting rights-of-way, easements or licenses.

(9) Any decree or order of a court of record quieting, determining or resting title, including a final order awarding title pursuant to a condemnation proceeding.

(10) Any transfer of cemetery lots.

(11) Any lease of any real property (or assignment or transfer of any interest in any such lease), provided that the terms and conditions of such lease do not constitute a taxable lease, as defined in this Article, of the property.

(12) Transfers to secure a debt or other obligation, or releases other than by foreclosure of real property which is security for a debt or other obligation.

(13) An executory contract for the sale of real property of less than three (3) years’ duration, under which the vendee is entitled to or takes possession thereof without acquiring title thereto, or any assignment or cancellation of any such contract.

(14) Any transfer by deed in lieu of foreclosure, provided that:

(15) Any transfer by sheriff’s deed, trustee’s deed or other conveyance of real property in connection with an execution sale; foreclosure sale by the public trustee under a power of sale; court decree foreclosing a mortgage, deed of trust or other security instrument; or court decree of lien foreclosure; provided that:

(16) Any transfer which fulfills all of the following three (3) conditions:

(17) A transfer under foreclosure or power of sale, or a voluntary conveyance in lieu of foreclosure, whereby the secured party takes back the property or the property is redeemed by the original debtor. However, a purchaser at a foreclosure sale who holds no security interest or redemption rights in the property, and who acquires title to the property upon expiration of all redemption periods, is required to pay the tax.

(18) Transfers pursuant to a decree of separation or divorce.

(19) Transfer to intermediaries for no consideration for a period not to exceed six (6) months.

(20) Transfers to a trust if the donor has the same relative interest in the trust as he or she had prior to the transfer; or if there is no consideration other than love and affection or charitable donation. Transfers from such a trust conveying or releasing the property from the trust are also exempt where there is no consideration.

(21) Transfers of affordable housing units which are subject to a Town or Housing Authority deed restriction which includes a limitation on maximum sales price; provided that such transfer is made in compliance with applicable housing guidelines, as may be amended from time to time; and provided, further, that if any of the Town’s excise tax revenue bonds, Series 1997, or any other obligations of the Town having a lien on the real estate transfer tax revenues on a parity therewith are then outstanding, at the time of said transfer the Town has appropriated and deposited in the Capital Improvement Fund to the extent required to make all payments required by Sections 5B(1) and 5B(2) of Ordinance No. 1068, Series of 1997, or any corresponding sections of any other ordinances authorizing the issuance of any such obligations an amount at least equal to the amount of the real estate transfer tax waived by reason of this exemption.

(22) Any transfer which fulfills all of the following conditions: