(A) A tax is imposed hereby on the privilege of transferring of legal or beneficial title to real property and on the privilege of transferring a beneficial interest in real property (collectively, “real estate transfers”), when such real property is located within the corporate limits of the city as evidenced by the recordation of a deed by any person or by the delivery of any deed or assignment of interest of said real property, recorded on or after July 5, 2006, whether investing the grantee with the beneficial interest in, legal title to or a controlling interest in the real estate entity owning said property or merely investing the grantee in the possession or use thereof for any purpose or to secure future payment of money or the future transfer of any such real property. For purposes of this subchapter (being §§ 39.155 through 39.166), and to the extent permitted by law, a real estate transfer shall include the transfer of a controlling interest in a real estate entity owning real property located within the corporate limits of the city.
(B) Except as provided in § 39.159, the tax imposed shall be at a rate of $4 for every $1,000 value as stated in the declaration; or, if no value is set forth in the declaration, then the fair market value based on the most recent equalized assessed valuation (“EAV”); or, if no value can be ascertained from the EAV, then the lesser of $12,500 or the value established by a certified MAI appraisal prepared not more than six months prior to the date of the declaration. Said tax shall be in addition to any other tax imposed by the state or any other political subdivision thereof; provided, however, that the actual amount of taxes due pursuant to this section shall in each case be rounded upward to the next increment of $5.
(C) For purposes of this subchapter, terms shall have the same meaning as the terms defined in the Real Estate Transfer Tax Law, 35 ILCS 200/31, as amended from time to time, unless otherwise defined in this subchapter or unless the context plainly suggests a different meaning. In addition, the term DEED as used in this subchapter shall include without limitation a deed, a document transferring a controlling interest in real property, an assignment of beneficial interest in real property or any other document effecting or representing a real estate transfer under this subchapter. In addition, the terms REAL PROPERTY and REAL ESTATE shall be deemed to have the same meaning for purposes of this subchapter.
(Ord. 06-18, passed 4-20-2006; Ord. 2010-07, passed 3-15-2010; Ord. 2017-58, passed 10-16-2017)