[Adopted 5-16-2006 (Ch. 19, § 19.30, of the 1986
Code)]
As used in this article, the following terms
shall have the meanings indicated, or the definition in 35 ILCS 200/31-5
shall apply in this article.
Any natural individual, firm, partnership, association, joint
stock company, joint adventure, public or private corporation, or
a receiver, executor, trustee, conservator or other representative
appointed by order of any court.
The issuance of certificates of title by Registrars of Title
under the Registered Titles (Torrens) Act (765 ILCS 35/0.01 et seq.),
as amended, pursuant to the filing of deeds for that purpose, as well
as the recording of deeds by McLean County Recorder.
[Amended 2-17-2015]
The amount of the full actual consideration for the real
property or the beneficial interest in real property, including the
amount of any lien or liens assumed by the transferee.
In addition to the state real estate transfer
tax, a tax is imposed on the privilege of transferring title to real
estate, as represented by the deed that is filed for recordation,
and on the privilege of transferring a beneficial interest in real
property, and on the privilege of transferring a controlling interest
in any real estate entity at the rate of $0.25 for each $500 of value
or fraction of $500 stated in the declaration required by Section
31-25 of the Property Tax Code.[1] If, however, the deed, trust or transfer document states
that the real estate is transferred subject to a mortgage, the amount
of the mortgage remaining outstanding at the time of transfer shall
not be included in the basis of computing the tax. 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 (55
ILCS 5/5-1031;35 ILCS 200/31-10).
A.
Collection. The tax must be paid at the time of recordation
or, if a document is not recorded, at the time of presentation of
the transfer declaration to the recorder, as provided in Section 31-25
of the Property Tax Code.[2] Such tax shall be collected by the McLean County Recorder
or Registrar of Titles through the sale of revenue stamps whose design,
denominations and form shall be described by the Department of Revenue.
(1)
The revenue stamps shall be purchased or otherwise
obtained from the Illinois Department of Revenue by the McLean County
Recorder or Registrar of Titles.
(2)
The McLean County Recorder or Registrar of Titles
may sell the revenue stamps at a rate of $0.25 per $500 of value or
fraction thereof.
[2]
Editor's Note: See 35 ILCS 200/31-25.
B.
Affixing of stamps. Except as provided in § 320-19 of this article, no deed, trust document or transfer document shall be accepted for filing by the McLean County Recorder or Registrar of Titles unless the prescribed revenue stamps in the required amount have been purchased from the McLean County Recorder or Registrar of Titles. Such revenue stamps shall be affixed to the deed or trust document by the McLean County Recorder or the Registrar of Titles either before or after recording as requested by the grantee.
(1)
A person using or affixing a revenue stamp shall cancel
it and so deface it as to render it unfit for reuse by marking it
with his initials and the day, month and year when the affixing occurs.
(2)
Such markings shall be made by writing or stamping
in indelible ink or by perforating with a machine or punch. However,
the revenue stamp shall not be so defaced as to prevent ready determination
of its denomination and genuineness.
[1]
Editor's Note: See 35 ILCS 200/31-25.
At such time as the tax levied by this article
is paid, there shall be filed with the McLean County Recorder or Registrar
of Titles a fully executed and completed copy of the real estate transfer
declaration required by the provisions of 35 ILCS 200/31-25.
Deeds or trust documents which are exempt under
35 ILCS 200/31-45 are similarly exempt under this article.
All proceeds resulting from the collection of
the tax imposed by this article shall be paid to the County treasury
on a weekly basis.
The tax herein imposed shall be in addition
to all other occupation or privilege taxes imposed by the State of
Illinois or by any municipal corporation or political subdivision
thereof.
Any person who violates this article shall be
punished as provided in the Illinois Real Estate Transfer Tax Law
(35 ILCS 200/31-50).
