The ultimate incidence, and liability for payment, of the tax imposed by this article shall be borne by the grantor of any deed and the grantor, assignor or transferor of any instrument conveying the beneficial interest in real property which is the subject of a land trust, or the controlling interest in a real estate entity subject to this article or, in the case of a Sheriff’s sale, or a sale by tax deed the tax imposed by the article shall be borne by the buyer. Where the buyer receives the property by Sheriff’s sale or a tax deed, the village shall make a reasonable determination of the liability for the tax based upon the rate of $3 for each $1,000 of value or fraction thereof received by the buyer in the transaction. The value states by the buyer shall be considered.
(Ord. 92-04-41, passed 4-14-1992; Ord. 2004-06-33, passed 6-7-2004; Ord. 2005-08-45, passed 8-15-2005; Ord. 2009-11-62, passed 11-16-2009)