The following words shall have the meanings ascribed to them 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 recording of deeds by the Recorder of Deeds.
- The amount of the full actual consideration thereof, including the amount of any lien or liens assumed by the buyer.
A tax is imposed on the privilege of transferring title to real estate or beneficial interest in a land trust, 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.
Such tax shall be collected by the Recorder of Deeds through the sale of revenue stamps whose design, denominations and form shall be prescribed by the Recorder of Deeds. The Recorder of Deeds may sell the revenue stamps at the rate of $0.25 per $500 of value or fraction thereof. Except as provided in Section 36-3-3 of this article, no deed or trust document shall be accepted for filing by the Recorder of Deeds unless County revenue stamps in the required amount have been purchased from the Recorder of Deeds. Such revenue stamps shall be affixed to the deed or trust document by the Recorder of Deeds either before or after recording as requested by the grantee. 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. 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.
At such time as the tax levied by this article is paid, there shall be filed with the Recorder of Deeds a fully executed and completed copy of the "Real Estate Transfer Declaration" required by provisions of Chapter 35, Section 305/3 of the Illinois Compiled Statutes.
The following deeds and trust documents shall be exempt from the provisions of this article except as hereinafter provided:
Deeds or trust documents representing real estate transfers made before the adoption of this Code but recorded after that date;
Deeds or trust documents to property acquired by any governmental body or from any governmental body or deeds or trust documents to property between association, foundation or institution organized and operated exclusively for charitable, religious or educational purposes;
Deeds or trust documents which secure debt or other obligation;
Deeds or trust documents which, without additional consideration, confirm, correct, modify, or supplement a deed previously recorded;
Deeds or trust documents where the actual consideration is less than $100;
Deeds or trust documents of release of property which is security for a debt or other obligation;
Tax deeds or trust documents;
Deeds or trust documents of partition;
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;
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;
Deeds or trust documents wherein there is an actual exchange of real estate except that money difference or money's worth paid for one to the other shall not be exempt from the tax; or
Deeds or trust documents representing transfers subject to the imposition of a documentary's stamp tax imposed by the government of the United States, except that such deeds shall not be exempt from filing the declaration. (See 35 ILCS 305/4)
All proceeds resulting from the collection of the tax imposed by this article shall be paid to the County Treasurer on a biweekly 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 willfully falsifies the value of transferred real estate on the "real estate transfer declaration value" shall, upon conviction, be fined according to the provisions of Section 1-1-20 of the Revised Code.
[Ord. No. 79-3, 6-5-1979]
Documents filed in the Office of the Recorder of Deeds of Monroe County, Illinois, Subsequent to May 17,1979, on which have been affixed State Real Estate Transfer Tax Stamps at the rate of $0.50 per $500 valuation shall be construed to be the collection of the State Real Estate Transfer Tax and the County Real Estate Transfer Tax at the rate of $0.25 per $500 valuation respectively.
(Generally see 55 ILCS Sec. 5/5-1031)