[Adopted 6-12-1979 (Ch. 17, Art. III, of the 1977 Code)]
As used in this article, the following terms shall have the meanings indicated:
BENEFICIAL INTEREST
Includes, but is not limited to:
A. 
The beneficial interest in an Illinois land trust;
B. 
The lessee interest in a ground lease (including any interest of the lessee in the related improvements) that provides for a term of 30 or more years when all options to renew or extend are included, whether or not any portion of the term has expired; or
C. 
The indirect interest in real property as reflected by a controlling interest in a real estate entity.
CONTROLLING INTEREST
More than 50% of the fair market value of all ownership interests or beneficial interests in a real estate entity.
PERSON
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.
REAL ESTATE ENTITY
Any person, including, but not limited to, any partnership, corporation, limited-liability company, trust, other entity, or multitiered entity, that exists or acts substantially for the purpose of holding, directly or indirectly, title to or beneficial interest in real property. There is a rebuttable presumption that an entity is a real estate entity if it owns, directly or indirectly, real property having a fair market value greater than 75% of the total fair market value of all of the entity's assets, determined without deduction for any mortgage, lien, or encumbrance.
RECORDATION
Includes the issuance of certificates of title by Registrars of Title under the Registered Titles (Torrens) Act (765 ILCS 35/0.01 et seq.) pursuant to the filing of deeds or trust documents for that purpose, as well as the recording of deeds or trust documents by recorders.
TRUST DOCUMENT
A document required to be recorded under the Land Trust Recordation and Transfer Tax Act[2] and, beginning June 1, 2005, also means any document relating to the transfer of a taxable beneficial interest under this article.
VALUE
The amount of the full actual consideration therefor, including the amount of any lien or liens assumed by the buyer.
[1]
Editor's Note: Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. IV).
[2]
Editor's Note: See 765 ILCS 420/1.
A. 
Amount. A tax is imposed on the privilege of transferring title to real estate, as represented by the deed that is filed for recordation, at the rate of $0.25 for each $500 of value or fraction thereof stated in the declaration provided for in this section. If, however, 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.
B. 
Collection. Such tax shall be collected by the Recorder of Deeds of this County through the sale of a revenue stamp the design and form of which shall be prescribed by the County Clerk. Payment of the tax shall be evidenced by the revenue stamp in the amount required to show full payment of the tax imposed by this section. Except as provided in § 360-5 of this article, no deed shall be accepted for filing by a Recorder of Deeds unless the revenue stamp in the required amount has been purchased. Such revenue stamp shall be affixed to the deed by the Recorder of Deeds either before or after recording as requested by the grantee.
C. 
Declaration. At the time a deed is presented for recordation, or within three business days after the transfer is effected, whichever is earlier, there shall also be presented to the Recorder of Deeds a declaration, signed by at least one of the sellers and also signed by at least one of the buyers in the transaction or by the attorneys or agents for the sellers or buyers, which declaration shall state the value of the real property or beneficial interest in real property so transferred, the parcel identifying number of the property, if any; the legal description of the property; the date of the deed, the date the transfer was effected, or the date of the trust document; the type of deed, transfer or trust document; the address of the property; the type of improvement, if any, on the property conveyed; information as to whether the transfer is between related individuals or corporate affiliates or is a compulsory transaction; the lot size or acreage, the value of personal property sold with the real estate; the year the contract was initiated if an installment sale; any homestead exemptions as reflected on the most recent annual tax bill; and the name, address and telephone number of the person preparing the declaration. Except as provided in § 360-5 of this article, no deed, document transferring a controlling interest in real property, or trust document shall be accepted for recordation unless it is accompanied by a declaration containing all the information requested therein. Where the declaration is signed by an attorney or agent on behalf of sellers or buyers, who has the power of direction to deal with the title to the real estate under a land trust agreement, the trustee being the mere repository of record legal title with a duty of conveying the real estate only when and if directed in writing by the beneficiary or beneficiaries having the power of direction, the attorneys or agents executing the declaration on behalf of such sellers or buyers need only identify the land trust which is the repository of record legal title and not the beneficiary or beneficiaries having the power of direction under the land trust agreement. The declaration may be satisfied by compliance with the declaration requirements of the Illinois Real Estate Transfer Tax Law, 35 ILCS 200/31-1 et seq.[1]
[1]
Editor's Note: Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. IV).
The following deeds or trust documents shall be exempt from the provisions of this article except as hereinafter provided:
A. 
Deeds representing real estate transfers made before January 1, 1968, but recorded after that date, and trust documents executed before January 1, 1986, but recorded after that date.
B. 
Deeds to or trust documents relating to property acquired by any governmental body or from any governmental body or deeds to property between governmental bodies, or by or from any corporation, society, association, foundation or institution organized and operated exclusively for charitable, religious or educational purposes.
C. 
Deeds or trust documents which secure debt or other obligations.
D. 
Deeds or trust documents which, without additional consideration, confirm, correct, modify or supplement a deed or trust document previously recorded.
E. 
Deeds or trust documents where the actual consideration is less than $100.
F. 
Tax deeds.
G. 
Deeds or trust documents that release property which is security for a debt or other obligation.
H. 
Deeds of partition.
I. 
Deeds or trust documents made pursuant to mergers, consolidations or transfers or sales of substantially all of the assets of corporations pursuant to plans of reorganization under the Federal Internal Revenue Code or Title 11 of the Federal Bankruptcy Act.
J. 
Deeds or trust documents made by a subsidiary corporation to its parent corporation for no consideration other than the cancellation or surrender of the subsidiary's stock.
K. 
Deeds wherein there is an actual exchange of real estate and trust documents when there is an actual exchange of beneficial interests, except that the money difference or money's worth paid from one to the other shall not be exempt from the tax. These deeds or trust documents, however, shall not be exempt from filing the declaration.
L. 
A deed or trust document related to the purchase of a principal residence by a participant in the program authorized by the Home Ownership Made Easy Act (310 ILCS 55/1 et seq.), except that those deeds and trust documents shall not be exempt from filing the declaration.
[1]
Editor's Note: Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. IV).
The tax herein imposed shall be in addition to all other occupation or privilege taxes imposed by the state or by the County.