§ 27-227. Transfer of title by deed.

(a)

Imposition of tax. A tax is imposed on the privilege of transferring title to real estate within the corporate limits of the city, as represented by the deed that is filed for recordation, at the rate of $2.50 for every $1,000.00 of value or fraction thereof stated in the declaration provided for in subsection 27-228(d). The tax herein levied shall be in addition to any and all other taxes.

(b)

Liability for tax. The ultimate incidence of and liability for payment of the tax imposed by this section shall be borne by the grantor of any deed subject to this section.

(c)

Purchase of stamps. The tax levied by this section shall be paid by the purchase of tax stamps from the comptroller or his designated agent. The payment of such tax shall be denoted by an adhesive stamp or stamps affixed to the face of the deed.

(d)

Filing of declaration. At such time as the tax levied by this section is paid, there shall be filed with the comptroller:

(1)

A fully executed and completed copy of the "real estate transfer declaration" required by the provisions of state law; and

(2)

A declaration of the full consideration paid for the transfer of real estate, which declaration shall be on a form provided by the comptroller and executed by the person liable for the tax.

(e)

Exemptions. Deeds or trust documents exempted from the provisions of the Real Estate Transfer Tax Act (35 ILCS 305/1 et seq.) shall be exempt from the tax levied by this section. Every deed which is tax-exempt pursuant to this section shall be presented to the comptroller so as to be appropriately marked by such comptroller as an exempt deed eligible for recordation without the payment of tax. At such time as a deed is presented to the comptroller pursuant to this section, there shall be filed with the comptroller a certificate setting forth the facts which justify the exemption of the deed presented. The certificate shall be executed on behalf of either the grantor or grantee and shall be on a form provided by the comptroller.

(f)

Real estate transfer tax stamps. The tax levied by this section shall be collected by the comptroller through the sale of real estate transfer tax stamps, which shall be caused to be prepared by the comptroller in such quantities as he may from time to time prescribe. Such stamps shall be available for sale at and during the regular business hours of the city offices and the offices of such agent as the city may designate. Upon payment of the tax herein levied and imposed, the stamps so purchased shall be affixed to the deed or other instrument of conveyance as required by section 27-228. Any person so using and affixing a stamp shall cancel it and so deface it as to render it unfit for reuse 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 stamp shall not be so defaced as to prevent ready determination of its denomination and genuineness. The Peoria Real Estate Transfer Tax Stamp shall be of a design substantially as follows:

CITY OF PEORIA

CITY TREASURER—MARY A. ULRICH

33052120 0001 BECK 02/21/89 10:48:40

DEP.: CITY OF PEO. TREAS.       AGENCY: 001

ACCT: 101-000000-412765-00000 TYPE: CASH

ITEM: 0000 MEMO: 0000000000 TRANS TAX

CSH CASH RECEIPT	.00
33052120       TOTAL	.00

 

(g)

Recordation of deeds. After the effective date of this section, no deed-conveying real property within the corporate limits of the city shall be entitled to recordation by the county recorder of deeds unless such deed shall bear either a Peoria Real Estate Transfer Tax Stamp in the amount required by this section or an exemption mark from the comptroller.

(Ord. No. 11912, § 1, 2-21-89)