(A) For the purpose of this section, the following definitions shall apply.
BENEFICIAL INTEREST. Any interest, regardless of how small or minimal the interest may be, in a land trust, held by a trustee for the benefit of beneficiaries of the land trust.
LAND TRUST. Any express agreement or arrangement whereby a use, confidence, or trust is declared of any land, or of any charge upon land, for the use or benefit of any beneficiary, under which the legal title to real property is held by a trustee, which may be enforced by the beneficiaries who have the exclusive right to manage and control the real estate, to have the possession thereof, to receive the net proceeds from the rental, sale, hypothecation, or other disposition thereof, and under which the interest of the beneficiary is personal property only.
PERSON. A 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.
RECORDATION. Includes the issuance of certificates of title by registrars of title under An Act Concerning Land Titles, approved May 1, 1897, as amended, pursuant to the filing of deeds for that purpose, as well as the recording of deeds by Recorders of Deeds.
TRUST DOCUMENT. A document required to be recorded under the Land Trust Recordation and Transfer Act.
VALUE. The amount of the full actual consideration thereof, including the amount of any lien or liens assumed by the buyer.
(B) (1) A tax is imposed on the privilege of transferring title to real estate, as represented by the deed that is filed for recordation, and on the privilege of transferring a beneficial interest in real property which is the subject of a land trust or 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 provided for in subsection (C) of 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.
(2) The taxes shall be collected by the Recorder of Deeds or Registrar of Titles through the sale of revenue stamps whose design, denominations, and form shall be prescribed by a resolution of the County Board, and the Recorder of Deeds or Registrar of Titles shall sell the revenue stamps at a rate of $0.25 per $500 of value or fraction thereof. Provided, however, that until such a time as the County Board has prescribed the design, denominations, and form of county revenue stamps and provided the stamps to the Recorder of Deeds, the Recorder of Deeds may continue to issue state real estate transfer tax stamps indicating payment of $0.50 per $500 of value or fraction thereof, one-half of which will evidence collection of the county real estate transfer tax. Except as provided in subsection (D) of this section, no deed or trust document shall be accepted for filing by the Recorder of Deeds or Registrar of Title unless county revenue stamps in the required amount have been purchased from the Recorder of Deeds or Registrar of Titles. The revenue stamp shall be affixed to the deed or trust document by the Recorder of Deeds or the Registrar of Titles either before or after recording as requested by the grantee or the trustee of a land trust. A person using or affixing a revenue stamp shall cancel it and so deface it as to render it unfit for reuse by marking it with his or her initials and the day, month, and year when the affixing occurred. The markings shall be made by writing or stamping in indelible ink or by perforating with a machine or punch. However, the revenue stamp shall not be so defaced as to prevent ready determination of its denomination and genuineness.
(C) At the time that the taxes levied by this amended section are paid, there shall be filed with the Recorder of Deeds or the Registrar of Titles a fully executed and completed copy of the “Real Estate Transfer Declaration” required by provisions of the Real Estate Transfer Tax Act, approved July 17, 1967, as amended; or in the case of a transfer of beneficial interest under a land trust, a fully executed and completed copy of any instrument or facsimile thereof which transfers the beneficial interest under a land trust shall be filed with the Recorder of Deeds or the Registrar of Titles pursuant to the Land Trust Recordation and Transfer Tax Act.
(D) All deeds or trust documents exempted in § 4 of the Real Estate Transfer Tax Act, approved July 17, 1967, as amended, shall also be exempt from any taxes imposed pursuant to this amended section.
(E) All proceeds resulting from the collection of the taxes imposed by this amended section shall be paid to the Lake County Treasurer.
(F) The taxes 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 hereof.
(1977 Code, § 5:2-3) (Ord. passed 1-14-1986)