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c. The lease requires or permits the property to be <br /> transferred to the lessee for less than the fair <br /> market value of the property; <br /> (5) An instrument securing indebtedness shall be exempt <br /> from the tax; <br /> (6) An instrument recording a transfer in which no <br /> consideration was paid or is due the transferor by the <br /> transferee shall be exempt from the tax. <br /> (7) This tax does not apply to conveyances of an interest <br /> in real property by operation of law, by will, or by <br /> intestacy. <br /> (c) Collection. A tax levied under this section is payable <br /> by the transferor of the interest at the Orange County Register <br /> of Deeds Office before the instrument conveying the interest is <br /> recorded. The tax assessor shall stamp or otherwise mark each <br /> instrument to approve or exempt the amount of tax due to be paid <br /> prior to the instrument being recorded. The Orange County <br /> Register of Deeds may not accept for recordation an instrument <br /> subject to a tax levied under this section unless the instrument <br /> bears the tax assessor's mark indicating that the tax is exempt <br /> or due to be paid. <br /> (d) Appeal. A person who is liable for a tax levied under <br /> this section who disputes the amount of tax due shall pay the tax <br /> stated by the tax collector to be due, but may appeal the payment <br /> of the tax to the Land Transfer Tax Appeals Board by filing a <br /> written notice of appeal with the tax collector within 30 days <br /> after paying the tax. Upon receipt of a notice of appeal, the <br />