(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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