TITLE 12
REAL ESTATE TRANSFER TAX
CHAPTER 1
REAL ESTATE TRANSFER TAX
SECTION:
12-1-1: Definitions
12-1-2: Tax Imposed
12-1-3: Liability for Tax
12-1-4: Real Estate Transfer Tax Stamps Required
12-1-5: Declaration Forms and Filing of Documents
12-1-6: Revenue Stamps, Nonissuance
12-1-7: Water and Sewer Bill
12-1-8: Exemptions
12-1-9: Recordation of Deeds
12-1-10: Duty of Trustee
12-1-11: Proceeds of Tax
12-1-12: Lien Created; Enforcement
12-1-13: Interest and Penalties
12-1-14: Civil Liability for Tax
12-1-15: Fine for Violation
12-1-1: DEFINITIONS:
For the purpose of this Title 12 of the Bartlett Municipal Code, whenever any of the following words, terms or definitions are used herein, they shall have the meanings ascribed to them in this Section:
BENEFICIAL INTEREST: Any interest, regardless of how small or minimal such interest may be, in a land trust, held by a trustee for the beneficiaries of such land trust.
CHARITABLE ORGANIZATION: Any not-for-profit corporation, society, association, foundation or institution organized and operating exclusively for charitable, religious or educational purposes.
PERSON: Any natural person, partnership, joint stock company, business trust, joint venture, company, domestic or foreign corporation, foundation, club, association, syndicate, society, or any group of individuals, acting as a unit, whether mutual, cooperative, fraternal, nonprofit or otherwise, or an assignee, receiver, administrator, executor, conservator, guardian or other representative appointed by order of any court, any estate, trust, land trust, testamentary trust, inter vivos trust, trust in perpetuity, Municipal corporation, political subdivision of the State of Illinois or the United States or any instrumentality thereof. Whenever the term "person" is used in any clause prescribing and imposing a penalty, the term as applied to associations shall mean the owners or part owners, and as applied to corporations, the officers thereof.
RECORDATION: The recording of deeds or facsimile of an assignment of beneficial or other interests with the office of the Recorder of Deeds of Cook County, DuPage County or Kane County, Illinois, or the registration of deeds with the Registrar of Titles of Cook County, Illinois.
VALUE: The amount of full actual consideration for any transfer covered hereunder, including the amount of any mortgage, mortgages or other lien or liens to which the sale is subject or the amount of any mortgage, mortgages or other lien or liens assumed by the grantee or purchaser. (Ord. 94-24, 3-15-94)
12-1-2: TAX IMPOSED:
   A.   A tax is imposed on the transfer of title to real estate located within the corporate limits of the Village as evidenced by the recordation of a deed or by the delivery of any deed by any person, and a tax is imposed on the transfer of the beneficial or other interest in real estate located within the corporate limits of the Village as evidenced by the recordation of any assignment or facsimile, whether investing the owner with the beneficial interest in or legal title to said property or merely the possession or use thereof for any purpose or the future transfer of any such real property or beneficial interest.
   B.   The tax imposed shall be three dollars ($3.00) per one thousand dollars ($1,000.00) of value or fraction thereof for each transfer as stated in the declaration. (Ord. 94-24, 3-15-94)
Loading...