State of Illinois
91st General Assembly
Legislation

   [ Search ]   [ Legislation ]
[ Home ]   [ Back ]   [ Bottom ]

91_HB1778enr

 
HB1778 Enrolled                                LRB9103278PTpr

 1        AN ACT to amend the Property Tax Code.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Property Tax Code is amended by  changing
 5    Sections  17-5,  17-10,  17-15,  17-20,  17-25, 17-30, 17-35,
 6    31-15, 31-25, 31-30, 31-35, 31-45, 31-50,  31-60,  and  31-70
 7    and adding Section 31-47 as follows:

 8        (35 ILCS 200/17-5)
 9        Sec.  17-5.  Equalization among counties.  The Department
10    shall act as an equalizing authority.  It shall  examine  the
11    abstracts  of  property assessed for taxation in the counties
12    and in the assessment districts in counties having assessment
13    districts, as  returned  by  the  county  clerks,  and  shall
14    equalize the assessments between counties as provided in this
15    Code.   Except  as hereinafter provided, the Department shall
16    lower or raise the total assessed value of property  in  each
17    any  county  as  returned  by  the  county  clerk, other than
18    property assessed under Sections 10-110  through  10-140  and
19    10-170  through 10-200, so that the property will be assessed
20    at 33 1/3% of its fair cash value.
21        The Department shall annually  determine  the  percentage
22    relationship,  for  each  county  of  the  State, between the
23    valuations at which  locally-assessed  property,  other  than
24    property  assessed  under  the Sections 10-110 through 10-140
25    and 10-170 through 10-200, as  is  listed  by  assessors  and
26    revised  by  boards  of  review  or boards of appeal, and the
27    estimated 33 1/3% of the fair cash value of the property.  To
28    make  this  analysis,  the  Department  shall  use   property
29    transfers,  property  appraisals, and other means as it deems
30    proper and reasonable.
31        With  the  ratio  determined   for   each   county,   the
 
HB1778 Enrolled            -2-                 LRB9103278PTpr
 1    Department shall then determine the percentage to be added to
 2    or   deducted  from  the  aggregate  reviewed  assessment  on
 3    property subject to local assessment jurisdiction, other than
 4    property assessed under the Sections  cited above, to produce
 5    a ratio of assessed value to 33 1/3% of the fair  cash  value
 6    equivalent to 100%.
 7        If  the  Department determines that there are substantial
 8    differences  in  the  level  of  assessment  among  different
 9    townships in the same county, it shall, upon the  request  of
10    the  county  executive  or, in counties not having an elected
11    county executive, of the  county  board  under  a  resolution
12    adopted  by  the  board, apply separate township equalization
13    factors determined by the Department, in  lieu  of  a  single
14    equalization factor for the entire county, but this provision
15    does  not  apply  within  any  county  which  elects a county
16    assessor under Sections 3-45 or 3-50.
17    (Source: P.A. 84-1343; 88-455.)

18        (35 ILCS 200/17-10)
19        Sec. 17-10.  Sales ratio studies.  The  Department  shall
20    monitor  the  quality  of  local  assessments  by  designing,
21    preparing  and using ratio studies, and shall use the results
22    as the basis for equalization decisions.  In compiling  sales
23    ratio studies, the Department shall exclude from the reported
24    sales price of any property any amounts included for personal
25    property  and, for sales occurring through December 31, 1999,
26    shall exclude seller paid points.  The Department  shall  not
27    include  in  its  sales ratio studies sales of property which
28    have been platted and for which an increase in  the  assessed
29    valuation  is  restricted  by  Section  10-30. The Department
30    shall not include in its sales ratio studies the initial sale
31    of  residential  property  that   has   been   converted   to
32    condominium property.
33        When  the  declaration  required  under  the  Real Estate
 
HB1778 Enrolled            -3-                 LRB9103278PTpr
 1    Transfer Tax  Law  contains  financing  information  required
 2    under Section 31-25, the Department shall adjust sales prices
 3    to  exclude  seller-paid points and shall adjust sales prices
 4    to "cash value" when seller related financing is used that is
 5    different than the prevailing cost of  cash.  The  prevailing
 6    cost  of cash for sales occurring on or after January 1, 1992
 7    shall be established as the  monthly  average  30-year  fixed
 8    Primary  Mortgage  Market  Survey  rate for the North Central
 9    Region as published weekly by the Federal Home Loan  Mortgage
10    Corporation,  as  computed  by  the Department, or such other
11    rate as determined by the Department.   This  rate  shall  be
12    known  as  the  survey  rate. For sales occurring on or after
13    January 1, 1992, through December 31,  1999,  adjustments  in
14    the  prevailing  cost  of  cash  shall be made only after the
15    survey rate has been at  or  above  13%  for  12  consecutive
16    months and will continue until the survey rate has been below
17    13%  for  12  consecutive  months.  For sales occurring on or
18    after January 1, 2000, adjustments for seller paid points and
19    adjustments in the prevailing cost of cash shall be made only
20    after the survey rate  has  been  at  or  above  13%  for  12
21    consecutive  months  and  will continue until the survey rate
22    has been below 13% for 12 consecutive months. The  Department
23    shall not include in its sales ratio studies the initial sale
24    of   residential   property   that   has  been  converted  to
25    condominium property. The Department shall  make  public  its
26    adjustment procedure upon request.
27    (Source: P.A. 86-1481; 87-877; 88-455.)

28        (35 ILCS 200/17-15)
29        Sec.   17-15.    Tentative   equalization   factor.   The
30    Department  shall  forward to the County Clerk of each county
31    in each year its  estimate  of  the  percentage,  established
32    under  Section  17-5,  to  be  added  to or deducted from the
33    aggregate of the locally assessed property  in  that  county,
 
HB1778 Enrolled            -4-                 LRB9103278PTpr
 1    other  than  property  assessed under Sections 10-110 through
 2    10-140 and 10-170 through 10-200. The percentage relationship
 3    to be certified to each county or to  the  several  townships
 4    therein  by the Department as provided by Section 17-25 shall
 5    be determined by the ratio between the percentage estimate so
 6    made and forwarded, as provided  by  this  Section,  and  the
 7    level  of  assessments  of the assessed valuations as made by
 8    the assessors and thereafter finally revised by the board  of
 9    review  or  board  of  appeals of that county.  Such estimate
10    shall be forwarded by the Department to the County  Clerk  of
11    any  County  within 15 days after the chief county assessment
12    officer  files  with  the  Department  an  abstract  of   the
13    assessments  of  the locally assessed property in the county,
14    as finally revised.  The abstract shall be  in  substantially
15    the  same  form  as  required of the County Clerk by Sections
16    9-250 and 9-255 after completion of the revisions  thereafter
17    to  be made by the board of review or board of appeals of the
18    county, except that the abstract shall specify separately the
19    amount of omitted property, and the  amount  of  improvements
20    upon  property  assessed for the first time in that year. The
21    chief county assessment officer shall forward the abstract to
22    the Department within 30  days  after  returning  the  county
23    assessment  books  to  the county board of review or board of
24    appeals.
25    (Source: P.A. 86-905; 88-455.)

26        (35 ILCS 200/17-20)
27        Sec. 17-20.  Hearing on  tentative  equalization  factor.
28    The   Department   shall,   after  publishing  its  tentative
29    equalization factor and  giving  notice  of  hearing  to  the
30    public  in  a newspaper of general circulation in the county,
31    hold a hearing on its estimate not less than 10 days nor more
32    than 30 days from the date of the  publication.   The  notice
33    shall  state the date and time of the hearing, which shall be
 
HB1778 Enrolled            -5-                 LRB9103278PTpr
 1    held in either Chicago or  Springfield,  the  basis  for  the
 2    estimate  of  the  Department, and further information as the
 3    Department may prescribe. The Department shall, after  giving
 4    a  hearing  to  all  interested  parties  and opportunity for
 5    submitting testimony and evidence in support of or adverse to
 6    the estimate as the Department  considers  requisite,  either
 7    confirm  or  revise the estimate so as to correctly represent
 8    the considered judgment  of  the  Department  respecting  the
 9    estimated  percentage  to  be  added  to or deducted from the
10    aggregate assessment of all locally assessed property in  the
11    county except property assessed under Sections 10-110 through
12    10-140  or  10-170  through 10-200.  Within 30 days after the
13    conclusion of the hearing the Department shall  mail  to  the
14    County  Clerk,  by  certified  mail,  its  determination with
15    respect to such  estimated  percentage  to  be  added  to  or
16    deducted  from  the aggregate assessment.  The amendment made
17    by P.A. 77-714 does not apply in any county  which  elects  a
18    county assessor under Sections 3-45 or 3-50.
19    (Source: P.A. 86-905; 88-455.)

20        (35 ILCS 200/17-25)
21        Sec.  17-25.   Application  of final equalization factor.
22    The assessments of all property, other than property assessed
23    under Sections  10-110  through  10-140  and  10-170  through
24    10-200,  as returned by the county clerks, shall be equalized
25    by adding to the aggregate assessed value  thereof  in  every
26    county in which the Department finds the valuation to be less
27    than 33 1/3% of the fair cash value of the property, the rate
28    per cent which will raise the aggregate assessed valuation to
29    33  1/3%  of  fair  cash  value,  and  by  deducting from the
30    aggregate assessed value thereof, in every county or township
31     in which the Department finds the valuation to be more  than
32    33  1/3% of the fair cash value, the rate per cent which will
33    reduce the aggregate assessed valuation to  33 1/3%  of  fair
 
HB1778 Enrolled            -6-                 LRB9103278PTpr
 1    cash value.
 2        However, no equalization factor shall be certified by the
 3    Department to raise or reduce the aggregate assessed value of
 4    any  county or township in which the aggregate assessed value
 5    of property other than that assessed under the Sections cited
 6    above, is more than 99% and less than 101% of 33 1/3% of fair
 7    cash value. The amendment made by P.A. 77-714 does not  apply
 8    within  the  jurisdiction of any county which elects a county
 9    assessor under Sections 3-45 or 3-50.
10    (Source: P.A. 84-1343; 88-455.)

11        (35 ILCS 200/17-30)
12        Sec. 17-30.  Certification of final equalization  factor.
13    When   the  Department  has  completed  its  equalization  of
14    assessments in each  year,  it  shall  certify  to  each  the
15    several county clerk clerks the percentage finally determined
16    by  it to be added to or deducted from the listed or assessed
17    valuation of property  in  the  county  several  counties  or
18    townships as returned by the county clerk.
19    (Source: P.A. 78-255; 88-455.)

20        (35 ILCS 200/17-35)
21        Sec. 17-35.  Certification of assessments. The Department
22    shall certify to the county clerks of the proper counties the
23    assessments   made  by  it  on  certified  pollution  control
24    facilities, low sulfur dioxide emission coal  fueled  devices
25    and on property owned or used by railroad companies operating
26    within  this  State,  along  with  the  distribution of those
27    railroad assessments among the  respective  taxing  districts
28    within the counties. The county clerks shall extend the taxes
29    for  all  purposes  on  the amounts so certified, in the same
30    manner as taxes are extended against other  property  in  the
31    taxing  districts  in which the pollution control facilities,
32    low sulfur dioxide emission coal fueled devices and  railroad
 
HB1778 Enrolled            -7-                 LRB9103278PTpr
 1    property are allocated or distributed.
 2        The  amendment  made by P.A. 77-714 does not apply within
 3    the jurisdiction of any county which elects a county assessor
 4    under Sections 3-45 or 3-50.
 5    (Source: P.A. 78-255; 88-455.)

 6        (35 ILCS 200/31-15)
 7        Sec.  31-15.   Collection  of  tax.   The  tax  shall  be
 8    collected by the recorder  or  registrar  of  titles  of  the
 9    county  in  which  the  property is situated several counties
10    through the sale of revenue stamps, the design, denominations
11    and form of which shall be prescribed by the  Department.  If
12    requested  by the recorder or registrar of titles of a county
13    that has imposed a county  real  estate  transfer  tax  under
14    Section  5-1031  of  the  Counties Code, the Department shall
15    design the stamps furnished to that county under this Section
16    so that the same stamp also provides evidence of the  payment
17    of  the  county real estate transfer tax and shall include in
18    the design of the  stamp  the  name  of  the  county  and  an
19    indication  that the stamp is evidence of the payment of both
20    State and county real  estate  transfer  taxes.  The  revenue
21    stamps  shall  be  sold  by the Department to the recorder or
22    registrar of titles who shall cause them to be sold  for  the
23    purposes prescribed. The Department shall charge at a rate of
24    50¢  per  $500  of  value in units of not less than $500. The
25    recorder or registrar of titles of the several counties shall
26    sell the revenue stamps at a rate of 50¢ per $500 of value or
27    fraction of $500. The recorder or registrar of titles may use
28    the proceeds for the purchase  of  revenue  stamps  from  the
29    Department.
30    (Source:  P.A.  86-624;  86-925;  86-1028;  86-1475;  87-543;
31    88-455.)

32        (35 ILCS 200/31-25)
 
HB1778 Enrolled            -8-                 LRB9103278PTpr
 1        Sec.  31-25.  Transfer declaration. At the time a deed or
 2    trust document is presented for recordation, there shall also
 3    be presented  to  the  recorder  or  registrar  of  titles  a
 4    declaration,  signed  by at least one of the sellers and also
 5    signed by at least one of the buyers in the transaction or by
 6    the attorneys or agents  for  the  sellers  or  buyers.   The
 7    declaration   shall  state  information  including,  but  not
 8    limited to: (a) the full consideration for  the  property  so
 9    transferred; (b) the parcel identifying permanent real estate
10    index   number  of  the  property,  if  any;  (c)  the  legal
11    description of the property; (d) the  date  of  the  deed  or
12    trust  document;  (e) the type of deed or trust document; (f)
13    the address of the property; (g) the type of improvement,  if
14    any,  on the property conveyed; (h) information as to whether
15    the transfer is  between  related  individuals  or  corporate
16    affiliates relatives or is a compulsory transaction; (i) that
17    the  parties  are  advised  that  the  State  of Illinois has
18    enacted the Smoke Detector Act;  and  (j)  the  lot  size  or
19    acreage;  (j)  the  value  of personal property sold with the
20    real estate; (k) the year the contract was  initiated  if  an
21    installment  sale;  and  (l) the name, address, and telephone
22    number of the person preparing the  declaration.   Except  as
23    provided in Section 31-45, a deed or trust document shall not
24    be  accepted  for  recordation  unless it is accompanied by a
25    declaration containing all the information requested  in  the
26    declaration.   When the declaration is  signed by an attorney
27    or agent on behalf of sellers or buyers who have the power of
28    direction to deal with the title to the real estate  under  a
29    land  trust  agreement, the trustee being the mere repository
30    of record legal title with  a  duty  of  conveying  the  real
31    estate   only   when  and  if  directed  in  writing  by  the
32    beneficiary or beneficiaries having the power  of  direction,
33    the  attorneys  or agents executing the declaration on behalf
34    of the sellers or buyers need identify only  the  land  trust
 
HB1778 Enrolled            -9-                 LRB9103278PTpr
 1    that  is  the  repository  of  record legal title and not the
 2    beneficiary or beneficiaries having the  power  of  direction
 3    under the land trust agreement. The declaration form shall be
 4    prescribed   by   the  Department  and  shall  contain  sales
 5    information questions. For sales occurring during a period in
 6    which the provisions of Section 17-10 require the  Department
 7    to  adjust  sale prices for seller paid points and prevailing
 8    cost of cash The subject of the sales  information  questions
 9    shall   include,  but  not  be  limited  to,  information  on
10    compulsory transactions, sales between relatives and  related
11    corporations,  contractual  sales, and deed or trust document
12    types. In addition,    the  declaration  form  shall  contain
13    questions  regarding  the financing of the sale.  The subject
14    of the financing questions shall include  any  direct  seller
15    participation  in the financing of the sale or information on
16    financing that is unconventional so as  to  affect  the  fair
17    cash  value  received by the seller.  The intent of the sales
18    and financing questions is to aid in  the  reduction  in  the
19    number  of  buyers  required to provide financing information
20    necessary for the adjustment outlined in Section 17-10.   For
21    sales  occurring  during  a period in which the provisions of
22    Section 17-10 require the Department to  adjust  sale  prices
23    for  seller  paid  points  and  prevailing  cost of cash, the
24    declaration form shall include, at a minimum, an  appropriate
25    place for the inclusion of special facts or circumstances, if
26    any,  and  shall include the following data:  (a) seller paid
27    points, value of personal property sold with the real estate,
28     (b) sales finance charges (points) paid by the  seller,  (c)
29    the sales price, (c) (d) type of financing (conventional, VA,
30    FHA,  seller-financed,  or  other), (d) (e) down payment, (e)
31    (f) term, (f) (g) interest rate, (g) (h) type and description
32    of interest rate (fixed, adjustable or renegotiable), and (h)
33    an appropriate place for the inclusion of  special  facts  or
34    circumstances,   if  any.  (i)  the  year  the  contract  was
 
HB1778 Enrolled            -10-                LRB9103278PTpr
 1    initiated if a contractual sale, and (j)  the  name,  address
 2    and  telephone  number  of  the  person  filling out the real
 3    estate transfer declaration. In counties of 3,000,000 or more
 4    inhabitants, the declaration shall also contain  a  sworn  or
 5    affirmed  statement  executed by the grantor or the grantor's
 6    agent stating that, to the best of his or her knowledge,  the
 7    name  of  the   grantee  shown  on  the deed or assignment of
 8    beneficial interest in a  land  trust  is  either  a  natural
 9    person,   an  Illinois  corporation  or  foreign  corporation
10    authorized to do business or acquire and hold title  to  real
11    estate  in  Illinois, a partnership authorized to do business
12    or acquire and hold title to  real  estate  in  Illinois,  or
13    other  entity  recognized  as  a  person and authorized to do
14    business or acquire and hold title to real estate  under  the
15    laws   of   Illinois.   In  counties  of  3,000,000  or  more
16    inhabitants, the declaration shall also contain  a  sworn  or
17    affirmed  statement  executed by the grantee or the grantee's
18    agent verifying that the name of the  grantee  shown  on  the
19    deed or assignment of beneficial interest in a  land trust is
20    either  a  natural person, an Illinois corporation or foreign
21    corporation authorized to do business  or  acquire  and  hold
22    title to real estate in Illinois, a partnership authorized to
23    do  business  or  acquire  and  hold  title to real estate in
24    Illinois,  or  other  entity  recognized  as  a  person   and
25    authorized  to  do business or acquire and hold title to real
26    estate under the  laws  of  Illinois.  The  Department  shall
27    provide  an  adequate  supply  of  forms to each recorder and
28    registrar of titles in the State.
29    (Source:  P.A.  86-624;  86-925;  86-1028;  86-1475;  87-543;
30    88-455.)

31        (35 ILCS 200/31-30)
32        Sec. 31-30.  Use of transfer declaration.   The  recorder
33    or  registrar of titles shall not record the declaration, but
 
HB1778 Enrolled            -11-                LRB9103278PTpr
 1    shall insert on  the  declaration  and  all  attachments  the
 2    Document  Number  assigned to the deed or trust document, and
 3    shall within 30 days of receipt then transmit the declaration
 4    to the chief county assessment  officer.   The  chief  county
 5    assessment  officer  shall insert on the declaration the most
 6    recent assessed value for  each  parcel  of  the  transferred
 7    property  and  other  information required by the Department,
 8    and, within 30 days of receipt  or  within  30  days  of  the
 9    adjournment   of   the  board  of  review  for  the  previous
10    assessment year, whichever is  later  at  least  once  during
11    every  month,  shall  transmit  all  the  declarations to the
12    Department. The chief county assessment officer may also copy
13    and  retain  any  information  relating   to   the   property
14    transferred  to  assist  in  determining  the proper assessed
15    valuation of the property transferred and other properties in
16    his county.
17    (Source:  P.A.  86-624;  86-925;  86-1028;  86-1475;  87-543;
18    88-455.)

19        (35 ILCS 200/31-35)
20        Sec. 31-35.  Deposit of tax revenue.  Beginning  July  1,
21    1993 through June 30, 1994, 50% of the monies collected under
22    Section 31-15 shall be deposited into the Illinois Affordable
23    Housing  Trust  Fund,  10% into the General Revenue Fund, 28%
24    into the Open Space Lands Acquisition  and  Development  Fund
25    and  12%  into the Natural Areas Acquisition Fund.  Beginning
26    July 1, 1994, 50% of the monies collected under Section 31-15
27    shall be deposited into the Illinois Affordable Housing Trust
28    Fund,  35%  into  the  Open  Space  Lands   Acquisition   and
29    Development  Fund  and 15% into the Natural Areas Acquisition
30    Fund.
31    (Source:  P.A.  86-624;  86-925;  86-1028;  86-1475;  87-543;
32    88-455.)
 
HB1778 Enrolled            -12-                LRB9103278PTpr
 1        (35 ILCS 200/31-45)
 2        Sec. 31-45.  Exemptions. The  following  deeds  or  trust
 3    documents shall be exempt from the provisions of this Article
 4    except as provided  in this Section:
 5        (a)  Deeds representing real estate transfers made before
 6    January  1,  1968,  but  recorded  after  that date and trust
 7    documents executed before January 1, 1986, but recorded after
 8    that date.
 9        (b)  Deeds to or trust documents relating to (1) property
10    acquired by any governmental body or  from  any  governmental
11    body,   (2)   property   or   interests  transferred  between
12    governmental bodies, or (3) property acquired by or from  any
13    corporation,  society, association, foundation or institution
14    organized and operated exclusively for charitable,  religious
15    or  educational purposes.  However, deeds or trust documents,
16    other than those in  which  the  Administrator  of  Veterans'
17    Affairs  of  the   United States is the grantee pursuant to a
18    foreclosure proceeding, shall not be exempt from  filing  the
19    declaration.
20        (c)  Deeds  or  trust documents that secure debt or other
21    obligation.
22        (d)  Deeds or trust documents  that,  without  additional
23    consideration, confirm, correct, modify, or supplement a deed
24    or trust document previously recorded.
25        (e)  Deeds   or   trust   documents   where   the  actual
26    consideration is less than $100.
27        (f)  Tax deeds.
28        (g)  Deeds or trust documents that release property  that
29    is security for a debt or other obligation.
30        (h)  Deeds of partition.
31        (i)  Deeds  or  trust documents made pursuant to mergers,
32    consolidations or transfers or sales of substantially all  of
33    the  assets  of  corporations  under  plans of reorganization
34    under the Federal Internal Revenue Code or Title  11  of  the
 
HB1778 Enrolled            -13-                LRB9103278PTpr
 1    Federal Bankruptcy Act.
 2        (j)  Deeds  or  trust  documents  made  by  a  subsidiary
 3    corporation  to  its  parent corporation for no consideration
 4    other than the cancellation or surrender of the  subsidiary's
 5    stock.
 6        (k)  Deeds  when  there  is  an  actual  exchange of real
 7    estate and trust documents when there is an  actual  exchange
 8    of beneficial interests, except that that money difference or
 9    money's  worth  paid from one to the other is not exempt from
10    the tax.  These deeds or trust documents, however, shall  not
11    be exempt from filing the declaration.
12        (l)  Deeds  issued  to a holder of a mortgage, as defined
13    in Section 15-103 of the Code of Civil Procedure, pursuant to
14    a mortgage foreclosure proceeding or pursuant to  a  transfer
15    in lieu of foreclosure.
16        (m)  A  deed or trust document related to the purchase of
17    a  principal  residence  by  a  participant  in  the  program
18    authorized by the Home Ownership Made Easy Act,  except  that
19    those  deeds  and  trust  documents  shall not be exempt from
20    filing the declaration.
21    (Source: P.A. 87-1206; 88-455.)

22        (35 ILCS 200/31-47 new)
23        Sec.  31-47.   Verification.   In  all   counties,   each
24    transfer  declaration  filed  under  this Law shall include a
25    written statement by both the grantor or grantor's agent  and
26    the grantee or grantee's agent that the information contained
27    in  the declaration is true and correct to the best of his or
28    her knowledge and belief.  In counties of 3,000,000  or  more
29    inhabitants,  the  declaration  shall  also contain a written
30    statement executed by the  grantor  or  the  grantor's  agent
31    verifying that, to the best of his or her knowledge, the name
32    of  the grantee shown on the deed or assignment of beneficial
33    interest in a land trust  is  either  a  natural  person,  an
 
HB1778 Enrolled            -14-                LRB9103278PTpr
 1    Illinois  corporation or foreign corporation authorized to do
 2    business  or  acquire  and  hold  title  to  real  estate  in
 3    Illinois, a partnership authorized to do business or  acquire
 4    and  hold  title  to real estate in Illinois, or other entity
 5    recognized as a person  and  authorized  to  do  business  or
 6    acquire  and  hold  title  to  real  estate under the laws of
 7    Illinois.  In counties of 3,000,000 or more inhabitants,  the
 8    declaration  shall  also contain a written statement executed
 9    by the grantee or the grantee's agent verifying that the name
10    of the grantee shown on the deed or assignment of  beneficial
11    interest  in  a  land  trust  is  either a natural person, an
12    Illinois corporation or foreign corporation authorized to  do
13    business  or  acquire  and  hold  title  to  real  estate  in
14    Illinois,  a partnership authorized to do business or acquire
15    and hold title to real estate in Illinois,  or  other  entity
16    recognized  as  a  person  and  authorized  to do business or
17    acquire and hold title to  real  estate  under  the  laws  of
18    Illinois.

19        (35 ILCS 200/31-50)
20        Sec.   31-50.    Penalties.   Any  person  who  willfully
21    falsifies  the  value  of  transferred  real  estate  on  the
22    transfer   declaration  required  by  Section  31-25  or  who
23    willfully falsifies or willfully omits any other  information
24    required by Section 31-25 or who willfully and falsely claims
25    a  transaction to be exempt under Section 31-45 is  guilty of
26    a Class B misdemeanor. Any person  who  knowingly  submits  a
27    false  statement  concerning  the identity of a grantee under
28    the provisions of  this  Article  is  guilty  of  a  Class  C
29    misdemeanor.  A second or subsequent conviction of an offense
30    is  a  Class  A  misdemeanor.  A  prosecution  for any act in
31    violation of this Article may be commenced at any time within
32    5 years 3 years of the commission of the act. Only the  buyer
33    or the buyer's representative shall attest to the accuracy of
 
HB1778 Enrolled            -15-                LRB9103278PTpr
 1    the  financing  information  reported on the  declaration and
 2    required by  Section  31-25.  Any  person  convicted  of  any
 3    offense  under this Law is liable for the tax due in addition
 4    to any fines imposed by the court.
 5    (Source: P.A. 84-1308; 88-455.)

 6        (35 ILCS 200/31-60)
 7        Sec. 31-60.  Check for violations. The  Department  shall
 8    conduct   spot   checks  or  investigations  of  declarations
 9    required to be filed by this Article and  may  shall  forward
10    information  of  violations  to  the  State's Attorney of the
11    county  where  the  violations  occur  for  prosecution   and
12    collection of taxes.
13    (Source: P.A. 81-936; 88-455.)

14        (35 ILCS 200/31-70)
15        Sec.   31-70.    Rules.   The  Department  may  prescribe
16    reasonable rules for  the  administration  of  this  Article,
17    including  rules  permitting  a  transfer  declaration  in  a
18    prescribed  electronic  form  and  permitting  the electronic
19    transmission of the transfer declaration using  a  prescribed
20    method and format.
21    (Source: Laws 1967, p. 1716; P.A. 88-455.)

22        Section  99.   Effective  date.  This Act takes effect on
23    January 1, 2000.

[ Top ]