[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:
Includes, but is not limited to:
The beneficial interest in an Illinois land trust;
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
The indirect interest in real property as reflected by a controlling
interest in a real estate entity.
More than 50% of the fair market value of all ownership interests
or beneficial interests in a real estate entity.
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.
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.
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.
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.
The amount of the full actual consideration therefor, including
the amount of any lien or liens assumed by the buyer.
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]
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.
The tax herein imposed shall be in addition to all other occupation
or privilege taxes imposed by the state or by the County.
