(A) A tax is imposed upon the privilege of transferring a beneficial interest in a land trust holding title to real estate, as represented by the trust document that is filed for recordation, at the rate of $0.25 for each $500 of value or fraction thereof stated in the declaration required by § 3 of the Real Estate Transfer Tax Act, being ILCS Ch. 225, Act 225 of the state. If, however, the interest is transferred subject to mortgage, the amount of mortgage remaining outstanding at the time of transfer shall not be included in the basis of computing the tax.
(B) The tax shall be collected by the Recorder prior to recording the trust document or registering the beneficial interest in a land trust holding title subject to the tax. All trust documents exempted in § 4 of the Real Estate Transfer Tax Act, being ILCS Ch. 225, Act 225, shall also be exempt from any tax imposed pursuant to this section.
(C) Payment of this tax and the amount paid shall be indicated on each recorded trust document by the Recorder. The Recorder may write or type the information on the trust document or place the information on the trust document with a rubber stamp or other device. The information shall be affixed to the trust document by the Recorder either before or after recording as requested by the grantee.
(D) The tax imposed pursuant to this section shall be in addition to all other occupation and privilege taxes imposed by the state, the county or any municipal corporation or political subdivision thereof.
(E) All words used in this section shall have the same meaning as the words are used in the Real Estate Transfer Tax Act, being ILCS Ch. 225, Act 225 of the state.
(F) The tax imposed pursuant to this section shall be collected on all trust documents transferring a beneficial interest in a land trust holding title to real estate presented for recording on and after 1-1-1986; except that, no tax shall be collected on recordation of trust documents executed before, but recorded after 1-1-1986.
(Prior Code, § 36.04) (Ord. passed 1-16-1986)