HomeMy WebLinkAboutORDINANCES-2005-119-O-05I
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10/11 /2005
119-0-05
AN ORDINANCE
Amending Section 3.29-6 of the Evanston City Code
Pertaining to Transfer Tax Exempt Transactions
WHEREAS, Chapter 29 of Title 3 of the Evanston City Code
provides for a Real Estate Transfer Tax; and
WHEREAS, the aforesaid tax is payable on the transfer of title to
real property in the City of Evanston; and
WHEREAS, Section 3-29-6 provides for numerous exemptions
from the Real Estate Transfer Tax, one of which provides for an exemption for an
iactual exchange of real property specifying the time frame of the exchange; and
WHEREAS, the City Council has determined it is in the best
interest of the citizens of Evanston to amend Section 3-29-6 to make all property
exchanges subject to the transfer tax;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
OF THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS, AS FOLLOWS:
SECTION 1: That Section 3-29-6 of the Evanston City Code, 1979,
as amended, is hereby further amended by deleting subsection (K) as follows:
3-29-6: EXEMPT TRANSACTIONS:
The tax imposed by this Chapter shall not apply to the following transactions,
provided said transaction in each case is accompanied by a certificate setting
forth the facts or such other certificate of record or sworn statement as the
Director of Finance may require at the time of filing of the declaration form:
119-0-05
(A) Transactions involving property acquired by or from any
governmental body;
(B) Transactions in which the deeds secure debt or other obligations;
(C) Transactions in which the deeds, without additional consideration, confirm,
correct, modify or supplement deeds previously recorded;
(D) Transactions in which the actual consideration covering the sale of any
owner occupied residential unit is less than fifty thousand dollars ($50,000.00)
and the seller qualifies under section 8 Housing Assistance Payment Program In
come Guidelines of the U.S. Housing Act of 1937, as amended from time to time;
(E) Transactions in which the actual consideration is less than five hundred
dollars ($500.00);
(F) Transactions in which the deeds are tax deeds;
(G) Transactions in which the deeds are releases of property which is security
for a debt or other obligation;
(H) Transactions in which the deeds are pursuant to a court decree;
(1) Transactions made pursuant to mergers, consolidations, or transfers or
sales of substantially all of the assets of a corporation pursuant to plans of
reorganization;
(J) Transactions between subsidiary corporations and their parents for no
consideration other than the cancellation or surrender of the subsidiary
corporation's stock;
(K) Transactions representing transfers subject to the imposition of a
documentary stamp tax imposed by the government of the United States; and
(L) A transfer by lease.
SECTION 2: That all ordinances or parts of ordinances in conflict
herewith are hereby repealed.
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SECTION 3: That this Ordinance shall be in full force and effect from
and after its passage, approval, and publication in the manner provided by law.
Introduced: �'t—� , 2005
Adopted: v �- % y 2005
Attest:
Mary M r ins ity Clerk
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Appr ved as to form:
Corporation Counsel
Approved:
IS , 2005
raine H. Morton, Mayor
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