(35 ILCS 200/31-15)
Sec. 31-15. Collection of tax. The tax shall be collected by the recorder
or registrar of titles of the county in which the property is situated through the sale of revenue
stamps, the design, denominations and form of which shall be prescribed by the
Department. If requested by the recorder or registrar of titles of a county
that has imposed a county real estate transfer tax under Section 5-1031 of the
Counties Code, the Department shall design the stamps furnished to that county
under this Section so that the same stamp also provides evidence of the payment
of the county real estate transfer tax and shall include in the design of the
stamp the name of the county and an indication that the stamp is evidence of
the payment of both State and county real estate transfer taxes. The revenue
stamps shall be sold by the Department to the recorder or registrar
of titles who shall cause them to be sold for the purposes prescribed.
The Department shall charge at a rate of 50¢ per $500 of value in
units of not less than $500. The recorder or registrar of titles of the several
counties shall sell the revenue stamps at a rate of 50¢ per $500 of
value or fraction of $500. The recorder or registrar of titles may use the
proceeds for the purchase of revenue stamps from the Department. The Department must establish a system to allow the recorder or registrar
of titles to purchase the revenue stamps electronically and must deliver the electronically purchased stamps to the recorder or registrar
of titles.
(Source: P.A. 94-785, eff. 1-1-07.)
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