HomeMy WebLinkAboutORDINANCES-1986-068-O-865/28/86
AN ORDINANCE
Amending Title 3, Chapter 29 of the Evanston
City Code, Pertaining to the Real Estate Transfer Tax
(} 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, 1979, as amended,
I
pertaining to exemptions from real estate transfer taxation, be and hereby
lis further amended to read as follows:
I I
3-29-6: EXEMPT TRANSACTIONS: The tax imposed by this Chapter shall
i 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
i� form:
(A) Transactions involving property acquired by or from any
governmental body;
(B) Transactions in which the deeds secure debt or other
obligations;
11 (C) Transactions in which the deeds, without additional
• �` consideration, confirm, correct, modify or supplement
r deeds previously recorded;
(D) Transactions in which the actual consideration covering
I 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 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;
I
(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) 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 wherein there is an actual exchange of real
property except that the money difference or mone.y's
} worth paid from one or the other shall not be exempt
from the tax;
(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.
SECTION 2: All ordinances or parts of ordinances in conflict
herewith are hereby repealed. ,
• SECTION 3: This ordinance shall be in full force and effect
' from and after its passage, approval, and publication
in the manner provided by law.
Introduced: �iii?� / 1986
Adopted: ju c:: - 1986
Appr d: �j2P_ `T� 1986
D; Mayor
iATTEST:
City Clerk
Approved as to form: ,
Corporation Counsel
•
-2-