HomeMy WebLinkAboutORDINANCES-1986-050-O-86d
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50-0-86
AN ORDINANCE
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Amending Title 3, Chapter 29, Pertaining to the
ii "Real Estate Transfer Tax"
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BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF EVANSTON,
COOK COUNTY, ILLINOIS:
SECTION 1: That Section 3-29-6 of the City Code of the City
of Evanston be and is hereby amended to read as follows:
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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:
(A) Transactions involving property acquired by or from any
j governmental body, or any transaction involving property acquired
by and from any corporation, society, association, foundation or
institution organized and operated exclusively for charitable,
religious or educational purposes ("charitable organizations").
�I The latter transaction is exempt only when one charitable
4 organization conveys property to another charitable organization;
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i (B) Transactions in which the deeds secure debt or other obligations;
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` AC) Transactions in which the deeds, without additional consideration,
I! confirm, correct, modify or supplement deeds previously recorded;
4! (D) Transactions in which the actual consideration covering the sale of
any owner occupied residential unit is less than fifty thousand
dollars ($50,000) and the seller qualifies under Section 8 Housing
! Assistance Payment Program Income Guidelines of the U.S. Housing
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i; 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;
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(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;
i' (I) 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
j subsidiary corporation's stock;
.(K) Transactions wherein there is an actual exchange of real property
except that the money difference or money's worth paid from one or
the other shall not be exempt from the tax;
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(L) Transactions representing transfers subject to the imposition of a
documentary stamp tax imposed by the government of the United
States; and
(M) A transfer by lease.
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SECTION 2: All ordinances or parts of ordinances in conflict
herewith are hereby repealed.
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SECTION 3: This ordinance shall be in full force and effect
�i from and after its passage, approval, and publication in the manner
H provided by law.
Introduced: ZC/" (X A 1986.
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Adopted t, 9.r,/ �d 1986
Approved: / C -L�� ��� , 1986
Mayor
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ATTEST:
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City Clerk
roved as to fo
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Corporation Counsel