(65 ILCS 5/8-3-19)
Sec. 8-3-19. Home rule real estate transfer taxes.
(a) After the effective date of this amendatory Act of the 93rd General
Assembly and subject
to this Section, a home rule
municipality may impose or increase a tax or other fee on the privilege of
transferring title to real estate, on the privilege of transferring a beneficial interest
in real property, and on the
privilege of
transferring a controlling interest in a real estate entity, as the terms
"beneficial interest", "controlling interest", and "real estate entity" are
defined in Article 31 of
the Property Tax Code. Such a tax or other fee shall hereafter be referred to as a
real estate transfer tax.
(b) Before adopting a resolution
to submit the question of imposing or
increasing a real estate transfer tax to referendum,
the corporate authorities shall give public notice of and hold a public
hearing on the intent to
submit the question to referendum. This hearing may be part of a regularly
scheduled meeting of the corporate authorities. The
notice shall be published not more than 30 nor less than 10
days prior to the hearing in a newspaper of general circulation within the
municipality. The notice shall be published in the following form:
Notice of Proposed (Increased) Real Estate Transfer |
| Tax for (commonly known name of municipality).
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A public hearing on a resolution to submit to
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| referendum the question of a proposed (increased) real estate transfer tax for (legal name of the municipality) in an amount of (rate) to be paid by the buyer (seller) of the real estate transferred will be held on (date) at (time) at (location). The current rate of real estate transfer tax imposed by (name of municipality) is (rate).
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Any person desiring to appear at the public hearing
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| and present testimony to the taxing district may do so.
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(c) A notice that includes any information not specified and required by
this Section is an invalid notice. All hearings shall be open to the
public. At the public hearing, the corporate authorities of the
municipality shall explain the
reasons for the proposed or increased real estate transfer tax and shall permit
persons
desiring to be heard an opportunity to present testimony within reasonable
time limits determined by the corporate authorities. A copy of the proposed
ordinance shall be made
available to the general public for
inspection before the public hearing.
(d) Except as provided in subsection (i), no
home rule municipality shall impose a new real estate transfer tax
after the
effective date of this amendatory Act of 1996 without prior approval by
referendum. Except as provided in subsection (i), no
home rule
municipality shall impose an increase of the rate of a current real estate
transfer tax without prior approval by referendum. A home rule municipality
may impose a new real estate transfer tax or may increase an existing real
estate transfer tax with prior referendum
approval. The referendum shall be
conducted as provided in subsection (e).
An existing ordinance or resolution imposing a real estate transfer tax may
be amended without approval by referendum if the amendment does not increase
the rate of the tax or add transactions on which the tax is imposed.
(e) The home rule municipality shall, by resolution, provide for submission
of the proposition to the voters. The home rule municipality shall certify
the resolution and the proposition to the proper election officials in
accordance with the general election law. If the proposition is to impose
a new real estate transfer tax, it shall be in substantially the following
form: "Shall
(name of municipality) impose a real estate transfer tax at a rate of
(rate) to be paid by the buyer (seller) of the real estate transferred, with
the revenue of the proposed transfer tax to be used for (purpose)?". If
the proposition is to increase an existing real estate transfer tax, it shall
be in
the following form: "Shall (name of municipality) impose a real estate
transfer tax increase of (percent increase) to establish a new
transfer tax rate of (rate) to be paid by the buyer (seller) of the real
estate transferred? The current rate of the real estate transfer tax is
(rate), and the revenue is
used for (purpose). The revenue from the increase is to be used for
(purpose).".
If a majority of the electors voting on the proposition vote in favor of
it, the municipality may impose or increase the municipal real estate transfer
tax or fee.
(f) Nothing in this amendatory Act of 1996 shall limit the purposes for
which real estate transfer tax revenues may be collected or expended.
(g) A home rule municipality may not impose real estate
transfer taxes other than as
authorized by this Section. This Section is a denial and limitation of home
rule powers and functions under subsection (g) of Section 6 of Article VII
of the Illinois Constitution.
(h) Notwithstanding subsection (g) of this Section, any real estate
transfer taxes adopted
by a municipality at any time prior to January 17, 1997 (the effective date of
Public Act 89-701)
and any amendments to any existing real estate transfer tax ordinance adopted
after that date, in accordance with the law in effect at the time of the
adoption of the amendments,
are not preempted by this amendatory
Act of the 93rd General Assembly.
(i) Within 6 months after the effective date of this amendatory Act of the 95th General Assembly, by ordinance adopted without a referendum, a home rule municipality with a population in excess of 1,000,000 may increase the rate of an existing real estate transfer tax by a rate of up to $1.50 for each $500 of value or fraction thereof, or in the alternative may impose a real estate transfer tax at a rate of up to $1.50 for each $500 of value or fraction thereof, which may be on the buyer or seller of real estate, or jointly and severally on both, for the sole purpose of providing financial assistance to the Chicago Transit Authority. All amounts collected under such supplemental tax, after fees for costs of collection, shall be provided to the Chicago Transit Authority pursuant to an intergovernmental agreement as promptly as practicable upon their receipt. Such municipality shall file a copy of any ordinance imposing or increasing such tax with the Illinois Department of Revenue and shall file a report with the Department each month certifying the amount paid to the Chicago Transit Authority in the previous month from the proceeds of such tax.
(Source: P.A. 95-708, eff. 1-18-08.)
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(65 ILCS 5/8-4-1) (from Ch. 24, par. 8-4-1) Sec. 8-4-1. No bonds shall be issued by the corporate authorities of any municipality until the question of authorizing such bonds has been submitted to the electors of that municipality provided that notice of the bond referendum, if held before July 1, 1999, has been given in accordance with the provisions of Section 12-5 of the Election Code in effect at the time of the bond referendum, at least 10 and not more than 45 days before the date of the election, notwithstanding the time for publication otherwise imposed by Section 12-5, and approved by a majority of the electors voting upon that question. Notices required in connection with the submission of public questions on or after July 1, 1999 shall be as set forth in Section 12-5 of the Election Code. The clerk shall certify the proposition of the corporate authorities to the proper election authority who shall submit the question at an election in accordance with the general election law, subject to the notice provisions set forth in this Section. Notice of any such election shall contain the amount of the bond issue, purpose for which issued, and maximum rate of interest. In addition to all other authority to issue bonds, the Village of Indian Head Park is authorized to issue bonds for the purpose of paying the costs of making roadway improvements in an amount not to exceed the aggregate principal amount of $2,500,000, provided that 60% of the votes cast at the general primary election held on March 18, 2014 are cast in favor of the issuance of the bonds, and the bonds are issued by December 31, 2014. However, without the submission of the question of issuing bonds to the electors, the corporate authorities of any municipality may authorize the issuance of any of the following bonds: (1) Bonds to refund any existing bonded indebtedness; (2) Bonds to fund or refund any existing judgment |
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(3) In any municipality of less than 500,000
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| population, bonds to anticipate the collection of installments of special assessments and special taxes against property owned by the municipality and to anticipate the collection of the amount apportioned to the municipality as public benefits under Article 9;
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(4) Bonds issued by any municipality under Sections
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| 8-4-15 through 8-4-23, 11-23-1 through 11-23-12, 11-26-1 through 11-26-6, 11-71-1 through 11-71-10, 11-74.3-1 through 11-74.3-7, 11-74.4-1 through 11-74.4-11, 11-74.5-1 through 11-74.5-15, 11-94-1 through 11-94-7, 11-102-1 through 11-102-10, 11-103-11 through 11-103-15, 11-118-1 through 11-118-6, 11-119-1 through 11-119-5, 11-129-1 through 11-129-7, 11-133-1 through 11-133-4, 11-139-1 through 11-139-12, 11-141-1 through 11-141-18 of this Code, or 10-801 through 10-808 of the Illinois Highway Code;
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(5) Bonds issued by the board of education of any
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| school district under the provisions of Sections 34-30 through 34-36 of the School Code;
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(6) Bonds issued by any municipality under the
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| provisions of Division 6 of this Article 8; and by any municipality under the provisions of Division 7 of this Article 8; or under the provisions of Sections 11-121-4 and 11-121-5;
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(7) Bonds to pay for the purchase of voting machines
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| by any municipality that has adopted Article 24 of the Election Code;
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(8) Bonds issued by any municipality under Sections
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| 15 and 46 of the Environmental Protection Act;
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(9) Bonds issued by the corporate authorities of any
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| municipality under the provisions of Section 8-4-25 of this Article 8;
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(10) Bonds issued under Section 8-4-26 of this
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| Article 8 by any municipality having a board of election commissioners;
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(11) Bonds issued under the provisions of the Special
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| Service Area Tax Act (repealed);
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(12) Bonds issued under Section 8-5-16 of this Code;
(13) Bonds to finance the cost of the acquisition,
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| construction, or improvement of water or wastewater treatment facilities mandated by an enforceable compliance schedule developed in connection with the federal Clean Water Act or a compliance order issued by the United States Environmental Protection Agency or the Illinois Pollution Control Board; provided that such bonds are authorized by an ordinance adopted by a three-fifths majority of the corporate authorities of the municipality issuing the bonds which ordinance shall specify that the construction or improvement of such facilities is necessary to alleviate an emergency condition in such municipality;
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(14) Bonds issued by any municipality pursuant to
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(15) Bonds issued under Sections 11-74.6-1 through
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| 11-74.6-45, the Industrial Jobs Recovery Law of this Code;
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(16) Bonds issued under the Innovation Development
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| and Economy Act, except as may be required by Section 35 of that Act.
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(Source: P.A. 102-587, eff. 1-1-22; 103-605, eff. 7-1-24.)
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(65 ILCS 5/8-4-6) (from Ch. 24, par. 8-4-6)
Sec. 8-4-6.
The refunding bonds shall be of such form and denomination,
payable at such place, bear such date, and be executed by such officials as
may be provided by the corporate authorities of the municipality in the
bond ordinance. They shall mature within not to exceed 20 years from their
date, and may be made callable on any interest payment date at par and
accrued interest after notice has been given at the time and in the manner
provided in the bond ordinance.
If there is no default in payment of the principal of or interest upon
the refunding bonds, and if after setting aside a sum of money equal to the
amount of interest that will accrue on the refunding bonds, and a sum of
money equal to the amount of principal that will become due thereon, within
the next 6 months period, the treasurer and comptroller, if there is a
comptroller, of the municipality shall use the money available from the
proceeds of taxes levied for the payment of the refunding bonds in calling
them for payment, if, by their terms, they are subject to redemption.
However, a municipality may provide in the bond ordinance that, whenever
the municipality is not in default in payment of the principal of or
interest upon the refunding bonds and has set aside the sums of money
provided in this paragraph for interest accruing and principal maturing
within the next 6 months period, the money available from the proceeds of
taxes levied for the payment of refunding bonds shall be used, first, in
the purchase of the refunding bonds at the lowest price obtainable, but not
to exceed their par value and accrued interest, after sealed tenders for
their purchase have been advertised for as may be directed by the corporate
authorities thereof.
Refunding bonds called for payment and paid or purchased under this
section shall be marked paid and cancelled.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/8-4-14) (from Ch. 24, par. 8-4-14)
Sec. 8-4-14.
Without submitting the question to the legal voters thereof
for approval the corporate authorities of any municipality having a
population of less than 500,000 may by ordinance authorize the issue of
refunding revenue bonds, payable solely from the revenues of a
municipally-owned water utility, combined water and sewer utility, sewer
utility, gas utility, swimming pool or airport, to refund the principal or
accrued interest, or both, of its outstanding revenue bonds, revenue
certificates of indebtedness or revenue notes, prior to their maturity, and
the principal and accrued interest of its matured outstanding revenue
bonds, revenue certificates of indebtedness or revenue notes issued under
the provisions of any law of this State, and which by their terms are
payable solely from the revenues of a municipally-owned water utility,
combined water and sewer utility, sewer utility, gas utility, swimming pool
or airport. The refunding revenue bonds may be made registerable as to
principal and bear interest at a rate not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, payable at such time or at
such place as may be provided for in the ordinance authorizing the issue
thereof.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been supplementary
grants of power to issue instruments in accordance with the Omnibus Bond
Acts, regardless of any provision of this Act that may appear to be or to
have been more restrictive than those Acts, (ii) that the provisions of
this Section are not a limitation on the supplementary authority granted by
the Omnibus Bond Acts, and (iii) that instruments issued under this Section
within the supplementary authority granted by the Omnibus Bond Acts are not
invalid because of any provision of this Act that may appear to be or to
have been more restrictive than those Acts.
The amendatory Acts of 1971, 1972 and 1973 are not a limit upon any
municipality which is a home rule unit.
(Source: P.A. 86-4.)
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(65 ILCS 5/8-4-25) (from Ch. 24, par. 8-4-25)
Sec. 8-4-25.
Subject to the requirements of the Bond Issue Notification
Act, any municipality is authorized to issue from time to time
full faith and credit general obligation notes in an amount not to exceed
85% of the specific taxes levied for the year during which and for which
such notes are issued, provided no notes shall be issued in lieu of tax
warrants for any tax at any time there are outstanding tax anticipation
warrants against the specific taxes levied for the year. Such notes shall
bear interest at a rate not to exceed the maximum rate authorized by the
Bond Authorization Act, as amended at the time of the making of the
contract, if issued before January 1, 1972 and not more than the maximum
rate authorized by the Bond Authorization Act, as amended at the time of
the making of the contract, if issued after January 1, 1972 and shall
mature within two years from date. The first interest payment date on any
such notes shall not be earlier than the delinquency date of the first
installment of taxes levied to pay interest and principal of such notes.
Notes may be issued for taxes levied for the following purposes:
(a) Corporate.
(b) For the payment of judgments.
(c) Public Library for Maintenance and Operation.
(d) Public Library for Buildings and Sites.
(e) (Blank).
(f) Relief (General Assistance).
In order to authorize and issue such notes, the corporate authorities
shall adopt an ordinance fixing the amount of the notes, the date
thereof, the maturity, rate of interest, place of payment and
denomination, which shall be in equal multiples of $1,000, and provide
for the levy and collection of a direct annual tax upon all the taxable
property in the municipality sufficient to pay the principal of and
interest on such notes as the same becomes due.
A certified copy of the ordinance authorizing the issuance of the
notes shall be filed in the office of the County Clerk of the county in
which the municipality is located, or if the municipality lies partly
within two or more counties, a certified copy of the ordinance
authorizing such notes shall be filed with the County Clerk of each of
the respective counties, and it shall be the duty of the County Clerk,
or County Clerks, whichever the case may be, to extend the tax therefor
in addition to and in excess of all other taxes heretofore or hereafter
authorized to be levied by such municipality.
From and after any such notes have been issued and while such notes
are outstanding, it shall be the duty of the County Clerk or County
Clerks, whichever the case may be, in computing the tax rate for the
purpose for which the notes have been issued to reduce the tax rate
levied for such purpose by the amount levied to pay the principal of and
interest on the notes to maturity, provided the tax rate shall not be
reduced beyond the amount necessary to reimburse any money borrowed from
the working cash fund, and it shall be the duty of the Clerk of the
municipality annually, not less than thirty (30) days prior to the tax
extension date, to certify to the County Clerk, or County Clerks,
whichever the case may be, the amount of money borrowed from the working
cash fund to be reimbursed from the specific tax levy.
No reimbursement shall be made to the working cash fund until there
has been accumulated from the tax levy provided for the notes an amount
sufficient to pay the principal of and interest on such notes as the
same become due.
With respect to instruments for the payment of money issued under this
Section either before, on, or after June 6, 1989 (the effective date of Public Act 86-4), it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been supplementary
grants of power to issue instruments in accordance with the Omnibus Bond
Acts, regardless of any provision of this Act that may appear to be or to
have been more restrictive than those Acts, (ii) that the provisions of
this Section are not a limitation on the supplementary authority granted by
the Omnibus Bond Acts, and (iii) that instruments issued under this Section
within the supplementary authority granted by the Omnibus Bond Acts are not
invalid because of any provision of this Act that may appear to be or to
have been more restrictive than those Acts.
(Source: P.A. 102-587, eff. 1-1-22; 102-813, eff. 5-13-22.)
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