[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. 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).
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. 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.
The revenue stamps shall be purchased or otherwise obtained from the Illinois Department of Revenue by the McLean County Recorder or Registrar of Titles.
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.
Editor's Note: See 35 ILCS 200/31-25.
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.
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.
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).