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Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
() 35 ILCS 200/30-1
(35 ILCS 200/30-1)
Sec. 30-1.
Short title.
This Article may be cited as the Fiscal
Responsibility Law.
(Source: P.A. 88-455.)
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35 ILCS 200/30-5
(35 ILCS 200/30-5)
Sec. 30-5.
Definition.
As used in this Article, "taxing district" has the
meaning stated in Section 1-150.
(Source: P.A. 84-205; 88-455.)
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35 ILCS 200/30-10
(35 ILCS 200/30-10)
Sec. 30-10.
Special reserve fund.
The governing body of any taxing district
may, by ordinance or resolution, establish a special reserve fund for the
purpose of accumulating monies to pay refunds of erroneously or illegally
collected taxes. A taxing district establishing a special fund may transfer
into the fund each year taxes or monies from the general corporate fund to be
used solely for the payment of tax refunds and expenses incident to refunds.
The balance of the fund shall not exceed 1/2 of 1% of the equalized assessed
valuation of property in the taxing district.
(Source: P.A. 84-205; 88-455.)
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35 ILCS 200/30-15
(35 ILCS 200/30-15)
Sec. 30-15.
Effect of fund on levies.
A tax levy of a taxing district shall
not be deemed invalid for the sole reason that the taxing district has
accumulated monies in a special reserve fund pursuant to this Article.
(Source: P.A. 84-205; 88-455.)
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35 ILCS 200/30-20
(35 ILCS 200/30-20)
Sec. 30-20.
Tax reimbursement account.
If the corporate authorities of a
taxing district determine that the taxing district has on hand surplus
funds from any source, then the corporate authorities may transfer those
surplus funds into a tax reimbursement account.
(Source: P.A. 87-737; 87-767; 88-455.)
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35 ILCS 200/30-25 (35 ILCS 200/30-25) Sec. 30-25. Distributions from account. (a) At the direction of the corporate authorities of a taxing district, the treasurer of the taxing district shall disburse the amounts held in the tax reimbursement account. Unless the taxing district has divided the moneys as provided in subsection (b), disbursements shall be made to all of the owners of taxable homestead property within the taxing district. Each owner of taxable homestead property shall receive a proportionate share of the total disbursement based on the amount of ad valorem taxes on taxable homestead property paid by the owner to the taxing district under the most recent tax bill. (b) The corporate authorities of a taxing district may direct the treasurer to divide the moneys deposited into the account into 2 separate pools to be designated the homestead property pool and the commercial or industrial property pool. The amount to be deposited into each pool shall be determined by the corporate authorities of the taxing district, except that at least 50% of the moneys in the account shall be deposited into the homestead property pool. The treasurer shall disburse the amounts held in each pool in the tax reimbursement account at the direction of the corporate authorities. Disbursements from the homestead property pool shall be made to all of the owners of taxable homestead property within the taxing district. Each owner of taxable homestead property shall receive a proportionate share of the total disbursement from the pool based on the amount of ad valorem taxes on taxable homestead property paid by the owner to the taxing district under the most recent tax bill. Disbursements from the commercial or industrial property pool shall be made to all of the owners of taxable commercial or industrial property, except (i) those owners whose property is located within a tax increment financing district, (ii) those owners who received a tax incentive as a result of a tax incentivized development established by an intergovernmental agreement to which the taxing district is a party, or (iii) those owners whose property is classified as an apartment building. Each eligible owner of taxable commercial or industrial property shall receive a proportionate share of the total disbursement from the pool based on the amount of ad valorem taxes on taxable commercial or industrial property paid by the owner to the taxing district under the most recent tax bill. (c) In determining the proportionate share of each owner of homestead property, the numerator shall be the amount of taxes on homestead property paid by that owner to the taxing district under the most recent tax bill, and the denominator shall be the aggregate total of all taxes on homestead property paid by all owners to the taxing district under the most recent tax bills. (d) In determining the proportionate share of each owner of commercial or industrial property, the numerator shall be the amount of taxes on commercial or industrial property paid by that owner to the taxing district under the most recent tax bill, and the denominator shall be the aggregate total of all taxes on commercial or industrial property paid by all owners to the taxing district under the most recent tax bills less taxes paid on commercial or industrial property located in a tax increment financing district, taxes paid on commercial or industrial property for which the owner received a tax incentive as a result of a tax incentivized development established by an intergovernmental agreement to which the taxing district is a party, and taxes paid on an apartment building. (e) As used in this Section: "Qualified redevelopment costs" means costs advanced by a taxing district to a commercial or industrial property owner to promote economic development when, but for the advancement of the funds, the development would not be financially feasible. "Tax incentivized development" means an economic development project established by intergovernmental agreement whereby a taxing district advances qualified redevelopment costs to a commercial or industrial property owner. (Source: P.A. 103-592, eff. 6-7-24.) |
35 ILCS 200/30-30
(35 ILCS 200/30-30)
Sec. 30-30.
Fiscal Responsibility Report Card.
The corporate authority of
each taxing district, other than a school district, that imposes ad valorem
taxes, within 180 days of the conclusion of the fiscal year of the taxing
district, shall submit to the State Comptroller and the county clerk of
each county in which a part of the taxing district is located a Fiscal
Responsibility Report Card in the form prescribed by the State Comptroller
after consultation with other State Constitutional officers as the State
Comptroller selects. The Fiscal Responsibility Report Card shall inform
taxpayers about the amounts, sources, and uses of tax revenues received and
expended by the taxing district.
(Source: P.A. 87-782; 87-1002; 88-455; incorporates 88-280;
88-670, eff. 12-2-94.)
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35 ILCS 200/30-31
(35 ILCS 200/30-31)
Sec. 30-31. Fiscal Responsibility Report Card; State Comptroller. The State
Comptroller, within 180 days of the conclusion of the fiscal year of the State,
shall make available on the Comptroller's website a Fiscal
Responsibility Report Card in the form prescribed by the State Comptroller
after consultation with other State Constitutional officers selected by the
State Comptroller. The Fiscal Responsibility Report Card shall inform the
General Assembly and the county clerks about the amounts, sources, and uses of
tax revenues received and expended by each taxing district, other than a school
district, that imposes ad valorem taxes.
(Source: P.A. 102-291, eff. 8-6-21.)
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35 ILCS 200/Art. 31
(35 ILCS 200/Art. 31 heading)
Article 31.
Real Estate Transfer Tax Law
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35 ILCS 200/31-1
(35 ILCS 200/31-1)
Sec. 31-1.
Short title.
This Article may be cited as the Real Estate
Transfer Tax Law.
(Source: Laws 1967, p. 1716; P.A. 88-455.)
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35 ILCS 200/31-5 (35 ILCS 200/31-5)
Sec. 31-5. Definitions. "Affixed" means physically or electronically indicated.
"Recordation" includes the issuance of
certificates of title by Registrars of Title under the Registered Titles
(Torrens) Act pursuant to the filing of deeds or trust documents for that
purpose, as well as the recording of deeds or trust documents by recorders.
"Department" means the Department of Revenue.
"Person" means any natural individual, firm, partnership, association,
joint stock company, joint adventure, public or private corporation, limited
liability company, or a receiver, executor, trustee, guardian or other
representative appointed by order of any court.
"Revenue stamp" means physical, electronic, or alternative indicia that indicates the amount of tax paid. "Value" means the amount of the full actual consideration for the real
property or the beneficial interest in real property located in Illinois, including the
amount of any lien on the real property assumed by the transferee.
"Trust document" means a document required to be recorded under the Land
Trust Recordation and Transfer Tax Act and, beginning June 1, 2005, also means any document relating to the transfer of a taxable beneficial interest under this Article.
"Beneficial interest" includes, but is not limited to:
(1) the beneficial interest in an Illinois land trust;
(2) the lessee interest in a ground lease (including | | any interest of the lessee in the related improvements) that provides for a term of 30 or more years when all options to renew or extend are included, whether or not any portion of the term has expired; or
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(3) the indirect interest in real property as
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"Controlling interest" means more than 50% of the
fair
market value of all ownership interests or beneficial interests in a real
estate entity.
"Real estate entity" means any person
including, but not
limited to, any partnership, corporation, limited liability company, trust,
other entity, or
multi-tiered
entity, that exists or acts substantially for the purpose of holding directly
or indirectly title to or
beneficial interest in real property.
There is a rebuttable presumption
that
an entity is a real estate entity if it owns, directly or indirectly, real
property
having a fair market value greater than 75% of the total fair market
value of all of the
entity's assets, determined without deduction for any mortgage, lien, or
encumbrance.
(Source: P.A. 98-929, eff. 8-15-14.)
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35 ILCS 200/31-10
(35 ILCS 200/31-10)
Sec. 31-10. Imposition of tax. A tax is imposed on the privilege of
transferring title to real estate located in Illinois, on the privilege of transferring a beneficial interest in
real
property located in Illinois,
and on the privilege of transferring a controlling interest in a real estate
entity owning property located in Illinois,
at the rate of 50¢ for each $500 of
value or fraction of $500 stated in the declaration required by Section 31-25.
If, however, the transferring document states that the real estate, beneficial interest, or
controlling interest
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.
The tax is due if the transfer is made
by one or more related transactions or involves one or more persons or entities
and whether or
not a document is recorded.
(Source: P.A. 93-657, eff. 6-1-04; 93-1099, eff. 6-1-05 .)
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35 ILCS 200/31-15
(35 ILCS 200/31-15)
Sec. 31-15. Collection of tax. (a) Paper revenue stamps. 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. 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.
(b) Electronic revenue stamp or alternative indicia. If the recorder or registrar of titles uses an electronic revenue stamp or alternative indicia, the recorder or registrar of titles shall electronically file a return and electronically remit the tax to the Department on or before the 10th day of the month following the month in which the tax was required to be collected. The return shall disclose the tax collected and other information that the Department may reasonably require. The return shall be filed using a format prescribed by the Department. If a return is not filed or the tax is not fully paid as required under this Section within 15 days of the required time period, the Department may eliminate the recorder or registrar of titles' ability to electronically file its returns and electronically remit the tax until such time as the recorder or registrar of titles fully remits the return and tax amount due. (Source: P.A. 98-929, eff. 8-15-14.)
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35 ILCS 200/31-20
(35 ILCS 200/31-20)
Sec. 31-20. Affixing of stamps. Payment of the tax shall be evidenced by
revenue stamps in the amount required to show full payment of the tax imposed
by Section 31-10. Except as provided in Section 31-45, a deed, document
transferring a controlling interest in real property,
or trust document
shall not be accepted for filing by any recorder or registrar of titles unless
revenue stamps in the required amount have been purchased from the recorder or
registrar of titles of the county where the deed, document transferring a
controlling interest in real property,
or trust document is being
filed for recordation. The revenue stamps shall be affixed to the deed,
document transferring a controlling interest in real property,
or
trust document by the recorder or the registrar of titles either before or
after recording as requested by the grantee. The Department may prescribe a form to which stamps must be affixed that a transferee must file for recordation at the time a declaration is presented if a transferring document is not presented for recordation within 3 business days after the transfer is effected. 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 occurs. The marking 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.
(Source: P.A. 93-657, eff. 6-1-04; 93-1099, eff. 6-1-05 .)
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35 ILCS 200/31-25 (35 ILCS 200/31-25)
Sec. 31-25. Transfer declaration. At the time a deed, a document
transferring a controlling interest in real property,
or trust document is
presented for recordation, or within 3 business days after the transfer is
effected, whichever is earlier,
there shall also be presented to the recorder or
registrar of titles a declaration, signed by at least one of the sellers and
also signed by at least one of the buyers in the transaction or by the
attorneys or agents for the sellers or buyers. The declaration shall state
information including, but not limited to: (a) the value of the real property
or beneficial interest in real property located in Illinois
so transferred; (b) the parcel
identifying number of the property; (c) the legal description of
the
property; (d) the date of the deed, the date the transfer was effected,
or the date of the trust document; (e) the type of deed, transfer,
or
trust document; (f) the address of the property; (g) the type of improvement,
if any, on the property; (h) information as to whether the
transfer is
between related individuals or corporate affiliates or is a
compulsory transaction; (i)
the lot size or acreage; (j) the value of personal property sold with the
real estate; (k) the year the contract was initiated if an installment sale;
(l) any homestead exemptions, as provided in Sections 15-170, 15-172, 15-175, and 15-176 as reflected on the most recent annual tax bill; (m) the name, address, and telephone number of the person preparing the
declaration; and (n) whether the transfer is pursuant to compulsory sale. Except as provided in Section 31-45, a deed, a document
transferring a controlling interest in real property,
or trust
document shall not be accepted for recordation unless it is accompanied by a
declaration containing all the information requested
in the declaration. When the declaration is signed by an attorney or agent on
behalf of sellers or buyers who have the power of direction to deal with the
title to the real estate under a land trust agreement, the trustee being the
mere repository of record legal title with a duty of conveying the real estate
only when and if directed in writing by the beneficiary or beneficiaries having
the power of direction, the attorneys or agents executing the declaration on
behalf of the sellers or buyers need identify only the land trust that is the
repository of record legal title and not the beneficiary or beneficiaries
having the power of direction under the land trust agreement. The declaration
form shall be prescribed by the Department and shall contain sales information
questions.
For sales occurring during a period in which the provisions of Section 17-10
require the Department to adjust sale prices for seller paid points and
prevailing cost of cash,
the declaration form shall contain questions
regarding the financing of the sale. The subject of the financing questions
shall include any direct seller participation in the financing of the sale or
information on financing that is unconventional so as to affect the fair cash
value received by the seller. The intent of the sales and financing questions
is to aid in the reduction in the number of buyers required to provide
financing information necessary for the adjustment outlined in Section 17-10.
For sales occurring during a period in which the provisions of Section 17-10
require the Department to adjust sale prices for seller paid points and
prevailing cost of cash,
the declaration form shall include, at a minimum, the following data: (a)
seller paid points, (b) the sales price, (c) type of
financing
(conventional, VA, FHA, seller-financed, or other), (d) down
payment, (e) term,
(f) interest rate, (g) type and description of interest
rate (fixed, adjustable
or renegotiable), and (h) an appropriate place for the inclusion of special
facts or circumstances, if any. The Department
shall
provide an adequate supply of forms to each recorder and registrar of titles in
the State.
(Source: P.A. 96-1083, eff. 7-16-10.)
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35 ILCS 200/31-30
(35 ILCS 200/31-30)
Sec. 31-30.
Use of transfer declaration.
The recorder or registrar of
titles shall not record the declaration, but shall insert on the declaration
and all attachments
the Document Number assigned to the deed or trust document, and shall within
30 days of receipt
transmit the declaration to the chief county assessment officer. The chief
county assessment officer shall insert on the declaration the most recent
assessed value for each parcel of the transferred property and other
information required by the Department, and, within 30 days of receipt or
within 30 days of the adjournment of the board of review for the previous
assessment year, whichever is later, shall transmit all the declarations to the Department.
The
chief county assessment officer may also copy and retain any information
relating to the property transferred to assist in determining the proper
assessed valuation of the property transferred and other properties in his
county.
(Source: P.A. 91-555, eff. 1-1-00.)
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35 ILCS 200/31-35
(35 ILCS 200/31-35)
Sec. 31-35.
Deposit of tax revenue.
(a) Beginning on the effective date of this amendatory Act of the 92nd
General
Assembly and through June 30, 2003,
of the moneys
collected under Section 31-15, 50% shall be deposited
into the Illinois Affordable Housing Trust Fund, 20% into the Open
Space Lands Acquisition and Development Fund, 5% into the
Natural Areas Acquisition Fund, and 25% into the General Revenue Fund.
(b) Beginning July 1, 2003, of the moneys collected under Section 31-15,
50% shall be deposited into the Illinois Affordable Housing Trust Fund, 35%
into the Open Space Lands Acquisition and Development Fund, and 15% into the
Natural Areas Acquisition Fund.
(Source: P.A. 91-555, eff. 1-1-00; 92-536, eff. 6-6-02; 92-874, eff. 7-1-03.)
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35 ILCS 200/31-40
(35 ILCS 200/31-40)
Sec. 31-40.
Real estate in civil townships.
If the real estate described in
the deed is located in a civil township, the recorder or registrar of titles
shall transmit a copy of the declaration to the township or multi-township
assessor for that township. This Section does not apply to any county having an
elected county assessor.
(Source: P.A. 83-358; 88-455.)
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