A. Transfer Of Title:
1. A tax is imposed on the privilege of transferring title to real estate, as represented by the deed that is filed for recordation, at the rate of twenty five cents ($0.25) for each five hundred dollars ($500.00) of value or fraction thereof stated in the declaration provided for in this subsection. If, however, the real estate is transferred subject to a mortgage, the amount of the mortgage remaining outstanding at the time of transfer shall not be included in the basis of computing the tax. (1977 Code ch. 13 § 13-34)
2. All deeds exempted by section 31-45 of the real estate transfer tax law, 35 Illinois Compiled Statutes 200/31-45, as amended from time to time, shall also be exempt from any tax imposed pursuant to this subsection. (1977 Code ch. 13 § 13-36; amd. 2009 Code)
B. Transfer Of Beneficial Interest:
1. A tax at the same rate as provided in subsection A1 of this section is hereby imposed on the transfer of a "beneficial interest", as defined in section 2-5-1 of this chapter. If, however, the transferring document states that the real estate or beneficial interest is transferred subject to a mortgage, then the amount of the mortgage remaining outstanding at the time of transfer shall not be included in the basis of computing the tax.
2. The tax must be paid at the time of recordation or, if a document is not recorded, at the time of presentation of the transfer declaration to the recorder, as provided in section 31-25 of the property tax code 1 .
3. All deeds or documents relating to the transfer of a beneficial interest exempted in sections 31-45 or 31-46 of the property tax code 2 are also exempt from any tax imposed under this subsection. (2009 Code)
Notes
| 1 | 1. 35 ILCS 200/31-25. |
| 2 | 2. 35 ILCS 200/31-35, 200/31-36. |