(A) A tax be and hereby is imposed upon the privilege of transferring a beneficial interest in a land trust holding legal title to real estate located in the county at the rate of $0.50 for each $500 of value or fraction thereof stated in the declaration required by the Real Estate Transfer Tax Law (35 ILCS 200/31-1 et seq.).
(B) Such tax shall be collected by the Recorder of Deeds prior to recording the trust documents for the beneficial interest subject to the tax, when the revenue stamps, purchased from the Department of Revenue, are sold, pursuant to the Real Estate Transfer Tax Law (35 ILCS 200/31-1 et seq.).
(C) All trust documents exempted by § 4 of the Real Estate Transfer Tax Law (35 ILCS 200/31-1 et seq.), shall be exempt from the tax imposed pursuant to the section.
(D) This tax shall be in addition to all other occupation and privilege taxes imposed by the state or any municipal corporation or political subdivision thereof.
(Prior Code, § 1-11-2) (Ord. passed 1-21-1986)