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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.
REVENUE (35 ILCS 200/) Property Tax Code. 35 ILCS 200/31-45
(35 ILCS 200/31-45)
Sec. 31-45. Exemptions. The following deeds or trust documents shall be
exempt from the provisions of this Article except as provided in this Section:
(a) Deeds representing real estate transfers made | | before January 1, 1968, but recorded after that date and trust documents executed before January 1, 1986, but recorded after that date.
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(b) Deeds to or trust documents relating to (1)
| | property acquired by any governmental body or from any governmental body, (2) property or interests transferred between governmental bodies, or (3) property acquired by or from any corporation, society, association, foundation or institution organized and operated exclusively for charitable, religious or educational purposes. However, deeds or trust documents, other than those in which the Administrator of Veterans Affairs of the United States is the grantee pursuant to a foreclosure proceeding, shall not be exempt from filing the declaration.
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(c) Deeds or trust documents that secure debt or
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(d) Deeds or trust documents that, without additional
| | consideration, confirm, correct, modify, or supplement a deed or trust document previously recorded.
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(e) Deeds or trust documents where the actual
| | consideration is less than $100.
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(f) Tax deeds.
(g) Deeds or trust documents that release property
| | that is security for a debt or other obligation.
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(h) Deeds of partition.
(i) Deeds or trust documents made pursuant to
| | mergers, consolidations or transfers or sales of substantially all of the assets of corporations under plans of reorganization under the Federal Internal Revenue Code or Title 11 of the Federal Bankruptcy Act.
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(j) Deeds or trust documents made by a subsidiary
| | corporation to its parent corporation for no consideration other than the cancellation or surrender of the subsidiary's stock.
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(k) Deeds when there is an actual exchange of real
| | estate and trust documents when there is an actual exchange of beneficial interests, except that that money difference or money's worth paid from one to the other is not exempt from the tax. These deeds or trust documents, however, shall not be exempt from filing the declaration.
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(l) Deeds issued to a holder of a mortgage, as
| | defined in Section 15-103 of the Code of Civil Procedure, pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure.
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(m) A deed or trust document related to the purchase
| | of a principal residence by a participant in the program authorized by the Home Ownership Made Easy Act, except that those deeds and trust documents shall not be exempt from filing the declaration.
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(Source: P.A. 100-201, eff. 8-18-17.)
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35 ILCS 200/31-46 (35 ILCS 200/31-46)
Sec. 31-46. Exemption from tax equal to corporate franchise taxes paid.
If a
transfer of a controlling interest in a real estate entity is taxed under this
Article and the
real estate entity liable for the tax under this Article is also liable for
corporate franchise
taxes under the Business Corporation Act of 1983 as a result of the transfer,
then the real
estate entity is exempt from paying the tax imposed under this Article to the
extent of the
corporate franchise tax paid by the real estate entity as a result of the
transfer. The
exemption shall not reduce the real estate entity's tax liability under this
Article to less
than zero.
(Source: P.A. 93-657, eff. 6-1-04 .) |
35 ILCS 200/31-47
(35 ILCS 200/31-47)
Sec. 31-47.
Verification.
In all counties, each transfer declaration
filed under this Law shall include a written statement by both the grantor or
grantor's agent and the grantee or grantee's agent that the information
contained in the declaration is true and correct to the best of his or her
knowledge and
belief. In counties of 3,000,000 or more inhabitants, the declaration shall
also contain a written statement executed by the grantor or the grantor's agent
verifying that, to the best of his or her knowledge, the name of the grantee
shown on the deed or assignment of beneficial interest in a land trust is
either a natural person, an Illinois corporation or foreign corporation
authorized to do business or acquire and hold title to real estate in Illinois,
a partnership authorized to do business or acquire and hold title to real
estate in Illinois, or other entity recognized as a person and authorized to do
business or acquire and hold title to real estate under the laws of Illinois.
In counties of 3,000,000 or more inhabitants, the declaration shall also
contain a written statement executed by the grantee or the grantee's agent
verifying that the name of the grantee shown on the deed or assignment of
beneficial interest in a land trust is either a natural person, an Illinois
corporation or foreign corporation authorized to do business or acquire and
hold title to real estate in Illinois, a partnership authorized to do business
or acquire and hold title to real estate in Illinois, or other entity
recognized as a person and authorized to do business or acquire and hold title
to real estate under the laws of Illinois.
(Source: P.A. 91-555, eff. 1-1-00.)
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35 ILCS 200/31-50
(35 ILCS 200/31-50)
Sec. 31-50.
Penalties.
Any person who willfully falsifies the value of
transferred real estate on the transfer declaration required by Section 31-25
or who willfully falsifies or willfully omits any other information required by
Section 31-25 or who willfully and falsely claims a transaction to be exempt
under Section 31-45 is guilty of a Class B misdemeanor. Any person who
knowingly submits a false statement concerning the identity of a grantee under
the provisions of this Article is guilty of a Class C misdemeanor. A second or
subsequent conviction of an offense is a Class A misdemeanor. A prosecution for
any act in violation of this Article may be commenced at any time within 5
years of the commission of the act. Only the buyer or the buyer's
representative shall attest to the accuracy of the financing information
reported on the declaration and required by Section 31-25. Any person
convicted of any offense under this Law is liable for the tax due in
addition to any fines imposed by the court.
(Source: P.A. 91-555, eff. 1-1-00.)
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35 ILCS 200/31-55
(35 ILCS 200/31-55)
Sec. 31-55.
Public records.
Transfer declarations under this Article are
public records and shall be made available for inspection, upon request,
during regular business hours.
(Source: P.A. 87-543; 88-455.)
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35 ILCS 200/31-60
(35 ILCS 200/31-60)
Sec. 31-60.
Check for violations.
The Department shall conduct spot checks
or investigations of declarations required to be filed by this Article and
may forward information of violations to the State's Attorney of
the county
where the violations occur for prosecution and collection of taxes.
(Source: P.A. 91-555, eff. 1-1-00.)
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35 ILCS 200/31-65
(35 ILCS 200/31-65)
Sec. 31-65.
Additional tax.
The tax imposed by Section 31-10 is in addition
to all other occupation or privilege taxes imposed by the State of Illinois or
by any municipal corporation or political subdivision.
(Source: Laws 1967, p. 1716; P.A. 88-455.)
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35 ILCS 200/31-70
(35 ILCS 200/31-70)
Sec. 31-70.
Rules.
The Department may prescribe reasonable rules for
the administration of this Article, including rules permitting a transfer
declaration in a prescribed electronic form and permitting the electronic
transmission of the transfer declaration using a prescribed method and
format.
(Source: P.A. 91-555, eff. 1-1-00.)
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35 ILCS 200/Art. 32
(35 ILCS 200/Art. 32 heading)
Article 32.
Continuation of Prior Law - Statutes Repealed
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35 ILCS 200/32-1
(35 ILCS 200/32-1)
Sec. 32-1.
Prior law.
(a) A provision of this Code that is the same as a prior law shall be
construed as a continuation of the prior law and not as a new or different law.
(b) A citation in another Act to an Act or to a Section of an
Act that is continued in this Code shall be construed to be a citation to that
continued provision in this Code.
(Source: P.A. 88-455.)
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35 ILCS 200/32-5
(35 ILCS 200/32-5)
Sec. 32-5.
Other Acts of the 88th General Assembly.
If any other Act of
the 88th General Assembly changes, adds, or repeals a provision of prior law
that is continued in this Code, than that change, addition, or repeal in the
other Act shall be construed together with this Code.
(Source: P.A. 88-455.)
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35 ILCS 200/32-10
(35 ILCS 200/32-10)
Sec. 32-10.
Home rule; mandates.
Nothing in this Code as initially
enacted (i) is a denial or limitation on home rule powers where no denial or
limitation existed under prior law or (ii) creates a State mandate under the
State Mandates Act where no mandate existed under prior law.
(Source: P.A. 88-455.)
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35 ILCS 200/32-15
(35 ILCS 200/32-15)
Sec. 32-15.
Titles; articles; captions.
The language contained in the
Titles, Articles, Captions, and
Section and subsection headings in this Code:
(a) is intended only as a general description that is not a part of the
substantive provisions of this Code;
(b) does not take precedence over the content of the substantive provisions
of this Code; and
(c) shall not be used in construing the meaning of the substantive
provisions of this Code.
(Source: P.A. 88-455.)
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35 ILCS 200/32-17
(35 ILCS 200/32-17)
Sec. 32-17.
Severability.
The provisions of this amendatory Act of 1995 are
severable under Section 1.31 of the Statute on Statutes.
(Source: P.A. 89-126, eff. 7-11-95.)
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35 ILCS 200/32-20
(35 ILCS 200/32-20)
Sec. 32-20.
Statutes repealed.
The following Acts are repealed:
The Local Tax Reimbursement Act.
The Special Assessment Apportionment Act.
The Revenue Act of 1939.
The Truth in Taxation Act.
The Uncollectable Tax Act.
The Real Property Improvement Assessment Act.
The Real Estate Transfer Tax Act.
The Special Service Area Tax Act.
The Special Assessment Benefiting State Property Act.
The Local Governmental Tax Collection Act.
The Taxing District Reserve Fund Act.
The Limitation on Collection of Personal Property Tax Act.
The Property Tax Extension Limitation Act.
The Fiscal Responsibility Report Card Act.
(Source: P.A. 88-455.)
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