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AN ORDINANCE
Amending Title 3, Chapter 29 of the
Evanston City Code, Pertaining to the
Real Estate Transfer Tax
NOW BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That Section 3-29-2 of the City
Code of the City of Evanston, 1979, as
amended, be and hereby is amended to read as follows:
3-29-2: 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, made after the first day
of May, 1986, 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.
(A) The tax imposed shall be five and no/100ths dollars
($5.00) for every one thousand dollars ($1,000.00)
value or fraction thereof as stated in the
declaration. Said tax shall remain in effect until
• February 29, 1992. From and after March 1, 1992, the
transfer tax imposed stall be reduced to two and
50/100ths dollars ($2.50) for every one thousand
dollars ($1,000.00) value or fraction thereof as
stated in the declaration.
(B) 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 representative or agent, receives
possession of the deed or in the case of a land trust
when the trustee receives possession of a valid
assignment of a beneficial interest.
SECTION 2: That Section 3-29-8 of the City
Code of the City of Evanston, 1979, as
amended, be and hereby is amended to read as follows:
3-29-8: REVENUE STAMPS REQUIRED: The tax herein
levied and imposed shall be collected by
the Director of Finance or his designee for the City
through the sale of revenue stamps, which shall be caused
to be prepared by said Director of Finance in such
• quantities and denominations as said Director of Finance
may from time to time prescribe. Such revenue stamps
shall be available for sale at and during the regular
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business hours of the City offices or at other locations
designated by the Director of Finance. Upon payment of
the tax herein levied and imposed, the revenue stamps so
purchased shall be affixed to the deed or other instrument
of conveyance. Any person so using and affixing a revenue
stamp.or stamps shall cancel it and so deface it as to
render it unfit for use by marking it with his initials
and the day, month and year when the affixing occurs.
Such markings shall be made by writing or stamping in
indelible ink or by perforating with a machine or punch.
However, the revenue stamp(s) shall not be so defaced as
to prevent ready determination of its denomination and
genuineness.
SECTION 3: That Ordinance 33-0-86 enacting the
real estate transfer tax be amended by
deleting SECTION 3 therein, thereby removing the automatic
termination provision.
SECTION 4: All ordinances or parts of ordinances
in conflict herewith are hereby repealed.
SECTION 5: This ordinance shall be in full force
and effect from and after April 1, 1987
upon its passage, approval, and publication in the manner
provided by law.
Introduced:
Adopted:
ATTES
City Clerk
App owed as to form:
( Corporation Counsel
11 1987.
, 1987.
Appr ved : /!GZ2dit
f' c GL -Y-
Mayor
, 1987.
OPM