For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
BENEFICIAL INTEREST. Includes, but is not limited to:
(1) The beneficial interest in an Illinois land trust;
(2) The lessee interest in a ground lease (including any interest of the lessee in the related improvements) that provides for a term of 30 or more years when all options to renew or extend are included, whether or not any portion of the term has expired; or
(3) The indirect interest in real property as reflected by a controlling interest in a real estate entity.
CONTROLLING INTEREST. More than 50% of the fair market value of all ownership interests or beneficial interests in a real estate entity.
PERSON. Any natural individual, firm, partnership, association, joint stock company, joint venture, public or private corporation, or a receiver, executor, trustee, conservator, or other representative appointed by order of any court.
REAL ESTATE ENTITY. Any person, including, but not limited to, any partnership, corporation, limited liability company, trust, other entity, or multi-tiered entity, that exists or acts substantially for the purpose of holding directly or indirectly title to or beneficial interest in real property. There is a rebuttable presumption that an entity is a real estate entity if it owns, directly or indirectly, real property having a fair market value greater than 75% of the total fair market value of all of the entity’s assets, determined without deduction for any mortgage, lien or encumbrance.
RECORDATION. The recording of deeds or trust documents by the Recorder of Deeds, DuPage County, Illinois.
TRUST DOCUMENT. A document required to be recorded pursuant to the Illinois Land Trust Recordation Act.
VALUE. The amount of the full actual consideration for the real property, including the amount of any lien or liens on the real property assumed by the grantee or purchaser. VALUE also includes the estimated purchase price of any new construction and/or remodeling the effectuation of which is a term or condition of the sale of the real estate, whether expressed or implied, for which a real estate transfer declaration, as defined in § 5-10-5, has been filed. The new construction and/or remodeling will be performed by the seller or under the direction of the seller, or by an entity under the control of the seller or the seller’s heirs, executors, administrators, beneficiaries, representatives, successors and assigns and will be paid for by the seller, or at the direction of the seller, or by an entity under the control of the seller or the seller’s heirs, executors, administrators, beneficiaries, successors and assigns and wherein said residential new construction and/or residential remodeling does commence within two years of the closing date of the transaction for which the aforementioned real estate transfer declaration was filed. In the event that the construction does not commence within this time period, a refund for the tax paid for the contemplated construction or remodeling will, upon application, be made.
(Ord. 92-04-41, passed 4-14-1992; Ord. 2004-06-33, passed 6-7-2004; Ord. 2005-08-45, passed 8-15-2005)