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91_HB1956
LRB9102082PTmb
1 AN ACT to amend the Property Tax Code by adding Section
2 31-37.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by adding
6 Section 31-37 as follows:
7 (35 ILCS 200/31-37 new)
8 Sec. 31-37. Low income housing trust fund surcharge. In
9 municipalities with a population of 2,000,000 or more, a
10 surcharge of $5 is imposed on the privilege of transferring
11 title to real estate, as represented by the deed, Torrens
12 certificate, or mortgage instrument that is filed for
13 recordation with the recorder or the registrar of titles, and
14 on the privilege of transferring a beneficial interest in
15 real property that is the subject of a land trust, as
16 represented by the trust document that is filed for
17 recordation. The recorder or registrar of titles shall
18 deposit all amounts collected as a surcharge under this
19 Section into the municipality's low income housing trust
20 fund.
21 Section 99. Effective date. This Act takes effect
22 January 1, 2000.