[Adopted 5-16-2006 (Ch. 11, § 11.95, of the 1986
Code)]
A tax is imposed upon the privilege of transferring
a beneficial interest in real property, as represented by the trust
document that is filed for recordation, at the rate of $0.25 for each
$500 of value or fraction thereof stated in the declaration required
by Section 3 of the Real Estate Transfer Tax Law of the State of Illinois.[1] If, however, the interest is transferred subject to a
mortgage, the amount of mortgage remaining outstanding at the time
of transfer shall not be included in the basis of computing the tax.
[1]
Editor's Note: See 35 ILCS 200/31-1 et seq.
Such tax shall be collected by the Recorder
prior to recording the trust document or registering the beneficial
interest in a land trust holding title subject to the tax. All trust
documents exempted in Section 31-45 of the Real Estate Transfer Tax
Law[1] shall also be exempt from any tax imposed pursuant to
this article.
[1]
Editor's Note: See 35 ILCS 200/31-45.
Payment of this tax and the amount paid shall
be indicated on each recorded trust document by the Recorder. The
Recorder may write or type the information on the trust document or
place the information on the trust document with a rubber stamp or
other such device. Such information shall be affixed to the trust
document by the Recorder either before or after recording as requested
by the grantee.
The tax imposed pursuant to this article shall
be in addition to all other occupation and privilege taxes imposed
by the State of Illinois, the County of McLean, or any municipal corporation
or political subdivision thereof.
All words used in this article shall have the
same meaning as the words used in the Real Estate Transfer Tax Law
of the State of Illinois.[1]
[1]
Editor's Note: See 35 ILCS 200/31-5.
The tax imposed pursuant to this article shall
be collected on all trust documents transferring a beneficial interest
in a land trust holding title to real estate presented for recording
on and after April 1, 1986, except that no tax shall be collected
on recordation of trust documents executed before, but recorded after,
January 1, 1986.
The tax imposed pursuant to this article is
due and shall be collected if the transfer is made by one or more
related transactions or involves one or more persons or entities regardless
of whether a document is recorded.
