101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB1017

 

Introduced , by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
55 ILCS 5/5-1031  from Ch. 34, par. 5-1031

    Amends the Counties Code. Makes a technical change in a Section concerning the county real estate transfer tax.


LRB101 03229 AWJ 48237 b

 

 

A BILL FOR

 

HB1017LRB101 03229 AWJ 48237 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Counties Code is amended by changing Section
55-1031 as follows:
 
6    (55 ILCS 5/5-1031)  (from Ch. 34, par. 5-1031)
7    Sec. 5-1031. County real estate transfer tax.
8    (a) The The county board of a county may impose a tax upon
9the privilege of transferring title to real estate, as
10represented by the deed that is filed for recordation, and upon
11the privilege of transferring a beneficial interest in a land
12trust holding legal title to real estate located in such county
13as represented by the trust document that is filed for
14recordation, at the rate of 25 cents for each $500 of value or
15fraction thereof stated in the declaration required by Section
1631-25 of the Property Tax Code. If, however, the real estate is
17transferred subject to a mortgage, the amount of the mortgage
18remaining outstanding at the time of transfer shall not be
19included in the basis of computing the tax.
20    A tax imposed pursuant to this Section shall be collected
21by the recorder or registrar of titles of the county prior to
22recording the deed or trust document or registering the title
23subject to the tax. All deeds or trust documents exempted in

 

 

HB1017- 2 -LRB101 03229 AWJ 48237 b

1Section 31-45 of the Property Tax Code shall also be exempt
2from any tax imposed pursuant to this Section. A tax imposed
3pursuant to this Section shall be in addition to all other
4occupation and privilege taxes imposed by the State of Illinois
5or any municipal corporation or political subdivision thereof.
6    (b) The county board may impose a tax at the same rate on
7the transfer of a beneficial interest, as defined in Section
831-5 of the Property Tax Code. If, however, the transferring
9document states that the real estate or beneficial interest is
10transferred subject to a mortgage, then the amount of the
11mortgage remaining outstanding at the time of transfer shall
12not be included in the basis of computing the tax.
13    The tax must be paid at the time of recordation or, if a
14document is not recorded, at the time of presentation of the
15transfer declaration to the recorder, as provided in Section
1631-25 of the Property Tax Code. All deeds or documents relating
17to the transfer of a beneficial interest exempted in Sections
1831-45 or 31-46 of the Property Tax Code are also exempt from
19any tax imposed under this Section. A tax imposed under this
20Section is in addition to all other occupation and privilege
21taxes imposed by the State of Illinois or any municipal
22corporation or political subdivision thereof.
23    (c) Beginning June 1, 2005, a tax imposed under this
24Section is due if the transfer is made by one or more related
25transactions or involves one or more persons or entities,
26regardless of whether a document is recorded.

 

 

HB1017- 3 -LRB101 03229 AWJ 48237 b

1(Source: P.A. 93-1099, eff. 6-1-05.)