A. Imposed: A tax is imposed on the privilege of transferring title to real estate, as represented by the deed that is filed for recordation, and upon the privilege of transferring a beneficial interest in a land trust holding legal title to real estate located in such county as represented by the trust document 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 section. 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.
B. Prerequisite To Filing Deed: Except as provided in subsection E of this section, no deed or trust document shall be accepted for filing by the recorder unless the tax imposed by subsection A of this section has been paid.
C. Indication Of Payment: The recorder may affix stamps whose design, denominations and form shall be prescribed by the recorder (to every deed or trust document which represents a transfer subject to the tax imposed by subsection A of this section). In lieu of the stamps described above, the recorder may use and affix any other writing or other indication that the tax imposed by subsection A of this section has been paid.
D. Real Estate Transfer Declaration: At such time as the tax levied by this section is aid, there shall be filed with the recorder a fully executed and completed copy of the "real estate transfer declaration" required by provisions of 35 Illinois Compiled Statutes 305/3, as amended.
E. Certain Deeds Exempt: The following deeds or trust documents shall be exempt from the provisions of this section except as hereinafter provided:
1. Deeds or trust documents representing real estate transfers made before January 1, 1968, but recorded after that date.
2. Deeds or trust documents to property acquired by any governmental body or from any governmental body or deeds to property between governmental bodies, or by or from any corporation, society, association, foundation or institution organized and operated exclusively for charitable, religious or educational purposes.
3. Deeds or trust documents which secure debt or other obligation.
4. Deeds or trust documents which, without additional consideration, confirm, correct, modify, or supplement a deed previously recorded.
5. Deeds or trust documents where the actual consideration is less than one hundred dollars ($100.00).
6. Deeds or trust documents of release of property which is security for a debt or other obligation.
7. Tax deeds.
8. Deeds or trust documents of partition.
9. Deeds or trust documents made pursuant to mergers, consolidations or transfers or sales of substantially all of the assets of corporations pursuant to plans of reorganization.
10. Deeds or trust documents made by a subsidiary corporation to its parent corporation for no consideration other than the cancellation or surrender of the subsidiary's stock.
11. Deeds or trust documents wherein there is an actual exchange of real estate except that money difference or money's worth paid from one to the other shall not be exempt from the tax.
12. Deeds or trust documents representing transfers subject to the imposition of a documentary stamp tax imposed by the government of the United States, except that such deeds shall not be exempt from filing the declaration.
13. A deed or trust document issued to a holder of a mortgage, as defined in section 15-103 of the code of civil procedure, pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure.
14. Any future exemption enacted by the state of Illinois.
F. Proceeds: All proceeds resulting from the collection of the tax imposed by this section shall be paid to the county treasury on a semimonthly basis.
G. Tax Additional To Others: The tax herein imposed shall be in addition to all other occupation or privilege taxes imposed by the state or by any municipal corporation or political subdivision thereof. (Ord. 79-94, §§ 1-7, 5-29-1979; Ord. 85-190, § 1, 12-10-1985)