HomeMy WebLinkAboutORDINANCES-2018-148-O-18148-0-18
AN ORDINANCE
Amending City Code Section 3-25-2, "Imposition of Tax,"
To Increase the Real Estate Transfer Tax for Sales with a Price over
$195009000.01
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: Section 3-25-2 "Imposition of Tax" within Chapter 25 "Real
Estate Transfer Tax" of the Evanston City Code of 2012, as amended, is hereby further
amended to read as follows:
3-25-2. - IMPOSITION OF TAX.
A tax is imposed on the transfer of Title to real property located in the City as
evidenced by the recordation of a deed by any person or by the delivery of any deed
or assignment of interest of said real property whether investing the owner with the
beneficial interest in or legal Title to said property or merely the possession or use
thereof for any purpose or to secure future payment of money or the future transfer of
any such real property.
The tax imposed shall be determined on the sale price as follows:
(A) For sale prices up to one million five hundred thousand dollars
($1,500,00.00), the tax imposed is five dollars ($5.00) for every one
thousand dollar ($1,000.00) value or fraction thereof as stated in the
declaration, per transaction.
(B) For sales prices from one million five hundred thousand dollars and one
cent ($1,500,000.01) to five million dollars ($5,000,000), the tax imposed
is seven dollars ($7.00) for every one thousand dollars ($1,000.00) of
value, or fraction thereof as stated in the declaration, per transaction,
(C) For sales prices from five million dollars and one cent ($5,000,000.01) or
more, the tax imposed is nine dollars ($9.00) for every one thousand
dollars ($1,000.00) of value, or fraction thereof, per transaction.
(D) The term "deed" as used in this Section shall mean all documents
transferring or reflecting the transfer of legal Title, equitable Title, or
both legal and equitable Title to real property, or the beneficial interest
in a land trust. Delivery of any deed shall be deemed to have occurred
when the transferee or purchaser, or his/her representative or agent,
receives possession of the deed or in the case of a land trust when the
li[F:�i3E:
trustee receives possession of a valid assignment of a beneficial
interest.
SECTION 2: All ordinances or parts of ordinances in conflict herewith are
hereby repealed.
SECTION 3: If any provision of this ordinance or application thereof to
any person or circumstance is held unconstitutional or otherwise invalid, such invalidity
shall not affect other provisions or applications of this ordinance that can be given effect
without the invalid application or provision, and each invalid provision or invalid
application of this ordinance is severable.
SECTION 4: This Ordinance 148-0-18 shall be in full force and effect on
January 1, 2019, after its passage, approval, and publication in the manner
provided by law.
SECTION 5: The findings and recitals contained herein are declared to
be prima facie evidence of the law of the City and shall be received in evidence as
provided by the Illinois Compiled Statutes and the courts of the State of Illinois.
Introduced: I ANC` 4W 1 A , 2018
Adopted: M 0 Ve-m1)er• 0 , 2018
Atte
Dev,
Approved: /
J/ �"".7f1 '�7 , 2018
tephen H. HadirtV yor
Approved as to ffoorm::,
Michelle L. Masoncup, Cdrporation
Counsel
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