Subject to the requirements of § 888.04, the following transfers are exempt from the tax imposed by this chapter:
(A) Transfers involving real property acquired from any governmental body; acquired from any corporation, society, association, foundation or institution organized and operated exclusively for charitable, religious or educational purposes; or acquired by any international organization not subject to local taxes under applicable law; notwithstanding the foregoing, in the event the federal Department of Housing and Urban Development (HUD) is the seller of the real property being transferred, then the purchaser, grantee, assignee or other transferee shall be responsible for paying the transfer tax imposed by § 888.03 of the Berwyn Real Property Transfer Tax Ordinance.
(B) Transfers in which the deed, assignment or other instrument of transfer secures debt or other obligations;
(C) If a person or transaction qualifies for exemption under this section, then, in lieu of the affixing of any revenue transfer stamp, the City Collector is authorized to stamp the document in the case with the statement “revenue tax exempt under the provisions of Chapter 888.” A processing fee of $100 shall be paid to the City Collector before any exempt document shall be stamped, except as otherwise expressly provided for in this section.
(D) Transfers in which the transfer price is less than $500;
(E) Transfers in which the deed is a tax deed;
(F) Transfers in which the deed, assignment or other instrument of transfer releases property which secures debt or other obligations;
(G) Transfers in which the deed is a deed of partition, provided, however, that if a party receives a share greater than its undivided interest in the real property, then the party shall be liable for tax computed upon any consideration paid for the excess;
(H) Transfers between a subsidiary corporation and its parent or between subsidiary corporations of a common parent either pursuant to a plan of merger or consolidation or pursuant to an agreement providing for the sale of substantially all of the seller’s assets;
(I) Transfers from a subsidiary corporation to its parent for no consideration other than the cancellation or surrender of the subsidiary’s stock, and transfers from a parent corporation to its subsidiary for no consideration other than the issuance or delivery to the parent of the subsidiary’s stock;
(J) Transfers of title to, or beneficial interest in, real property used primarily for commercial or industrial purposes located in an enterprise zone, as defined in the Illinois Enterprise Zone Act (ILCS Ch. 20, Act 655, §§ 1 et seq., as amended); and
(K) Transfers in which the deed or other instrument of transfer is issued to the mortgagee or secured creditor pursuant to a mortgage or security interest foreclosure proceeding or sale, or pursuant to a transfer in lieu of foreclosure, or transfers made pursuant to a confirmed plan of reorganization as provided under § 1146(c) of Chapter 11 of the United States Bankruptcy Code of 1978, as amended. A processing fee of $500 shall be paid to the City Collector before any exempt document identified within this division shall be processed.
(Ord. 94-13, passed 3-8-1994; Ord. 01-20, passed 7-24-2001; Ord. 02-34, passed 12-23-2002; Ord. 08-03, passed 1-8-2008; Ord. 12-21, passed 10-9-2012)