BENEFICIAL INTEREST: Includes, but is not limited to:
A. The beneficial interest in an Illinois land trust;
B. The lessee interest in a ground lease (including any interest of the lessee in the related improvements) that provides for a term of thirty (30) or more years when all options to renew or extend are included, whether or not any portion of the term has expired; or
C. The indirect interest in real property as reflected by a controlling interest in a real estate entity.
CONTROLLING INTEREST: More than fifty percent (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 adventure, public or private corporation, limited liability company, or a receiver, executor, trustee, guardian 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 multitiered 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 seventy five percent (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.
TRUST DOCUMENT: A document required to be recorded under the land trust recordation and transfer tax act 1 and, beginning June 1, 2005, also means any document relating to the transfer of a taxable beneficial interest under this chapter.
VALUE: The amount of the full actual consideration for the real property or the beneficial interest in real property located in Illinois, including the amount of any lien on the real property assumed by the transferee. (1977 Code ch. 13 § 13-33; amd. 2009 Code)
Notes
| 1 | 1. 765 ILCS 420/1 et seq. |