Illinois 2023-2024 Regular Session

Illinois House Bill HB3096 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3096 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED: 35 ILCS 200/31-25 Amends the Property Tax Code. Provides that, for properties where the buyer or buyers are natural individuals, the transfer declaration shall state whether the property is intended to be the principal residence of the buyer or buyers. LRB103 30962 HLH 57542 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3096 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED: 35 ILCS 200/31-25 35 ILCS 200/31-25 Amends the Property Tax Code. Provides that, for properties where the buyer or buyers are natural individuals, the transfer declaration shall state whether the property is intended to be the principal residence of the buyer or buyers. LRB103 30962 HLH 57542 b LRB103 30962 HLH 57542 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3096 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 200/31-25 35 ILCS 200/31-25
4	4	35 ILCS 200/31-25
5	5	Amends the Property Tax Code. Provides that, for properties where the buyer or buyers are natural individuals, the transfer declaration shall state whether the property is intended to be the principal residence of the buyer or buyers.
6	6	LRB103 30962 HLH 57542 b LRB103 30962 HLH 57542 b
7	7	LRB103 30962 HLH 57542 b
8	8	A BILL FOR
9	9	HB3096LRB103 30962 HLH 57542 b HB3096 LRB103 30962 HLH 57542 b
10	10	HB3096 LRB103 30962 HLH 57542 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Property Tax Code is amended by changing
15	15	5 Section 31-25 as follows:
16	16	6 (35 ILCS 200/31-25)
17	17	7 Sec. 31-25. Transfer declaration. At the time a deed, a
18	18	8 document transferring a controlling interest in real property,
19	19	9 or trust document is presented for recordation, or within 3
20	20	10 business days after the transfer is effected, whichever is
21	21	11 earlier, there shall also be presented to the recorder or
22	22	12 registrar of titles a declaration, signed by at least one of
23	23	13 the sellers and also signed by at least one of the buyers in
24	24	14 the transaction or by the attorneys or agents for the sellers
25	25	15 or buyers. The declaration shall state information including,
26	26	16 but not limited to: (a) the value of the real property or
27	27	17 beneficial interest in real property located in Illinois so
28	28	18 transferred; (b) the parcel identifying number of the
29	29	19 property; (c) the legal description of the property; (d) the
30	30	20 date of the deed, the date the transfer was effected, or the
31	31	21 date of the trust document; (e) the type of deed, transfer, or
32	32	22 trust document; (f) the address of the property; (g) the type
33	33	23 of improvement, if any, on the property; (h) information as to
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3096 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 200/31-25 35 ILCS 200/31-25
39	39	35 ILCS 200/31-25
40	40	Amends the Property Tax Code. Provides that, for properties where the buyer or buyers are natural individuals, the transfer declaration shall state whether the property is intended to be the principal residence of the buyer or buyers.
41	41	LRB103 30962 HLH 57542 b LRB103 30962 HLH 57542 b
42	42	LRB103 30962 HLH 57542 b
43	43	A BILL FOR
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49	49	35 ILCS 200/31-25
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68	68	1 whether the transfer is between related individuals or
69	69	2 corporate affiliates or is a compulsory transaction; (i) the
70	70	3 lot size or acreage; (j) the value of personal property sold
71	71	4 with the real estate; (k) the year the contract was initiated
72	72	5 if an installment sale; (l) any homestead exemptions, as
73	73	6 provided in Sections 15-170, 15-172, 15-175, and 15-176 as
74	74	7 reflected on the most recent annual tax bill; (m) the name,
75	75	8 address, and telephone number of the person preparing the
76	76	9 declaration; and (n) whether the transfer is pursuant to
77	77	10 compulsory sale; and (o) for properties where the buyer or
78	78	11 buyers are natural individuals, whether the property is
79	79	12 intended to be the principal residence of the buyer or buyers.
80	80	13 Except as provided in Section 31-45, a deed, a document
81	81	14 transferring a controlling interest in real property, or trust
82	82	15 document shall not be accepted for recordation unless it is
83	83	16 accompanied by a declaration containing all the information
84	84	17 requested in the declaration. When the declaration is signed
85	85	18 by an attorney or agent on behalf of sellers or buyers who have
86	86	19 the power of direction to deal with the title to the real
87	87	20 estate under a land trust agreement, the trustee being the
88	88	21 mere repository of record legal title with a duty of conveying
89	89	22 the real estate only when and if directed in writing by the
90	90	23 beneficiary or beneficiaries having the power of direction,
91	91	24 the attorneys or agents executing the declaration on behalf of
92	92	25 the sellers or buyers need identify only the land trust that is
93	93	26 the repository of record legal title and not the beneficiary
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104	104	1 or beneficiaries having the power of direction under the land
105	105	2 trust agreement. The declaration form shall be prescribed by
106	106	3 the Department and shall contain sales information questions.
107	107	4 For sales occurring during a period in which the provisions of
108	108	5 Section 17-10 require the Department to adjust sale prices for
109	109	6 seller paid points and prevailing cost of cash, the
110	110	7 declaration form shall contain questions regarding the
111	111	8 financing of the sale. The subject of the financing questions
112	112	9 shall include any direct seller participation in the financing
113	113	10 of the sale or information on financing that is unconventional
114	114	11 so as to affect the fair cash value received by the seller. The
115	115	12 intent of the sales and financing questions is to aid in the
116	116	13 reduction in the number of buyers required to provide
117	117	14 financing information necessary for the adjustment outlined in
118	118	15 Section 17-10. For sales occurring during a period in which
119	119	16 the provisions of Section 17-10 require the Department to
120	120	17 adjust sale prices for seller paid points and prevailing cost
121	121	18 of cash, the declaration form shall include, at a minimum, the
122	122	19 following data: (a) seller paid points, (b) the sales price,
123	123	20 (c) type of financing (conventional, VA, FHA, seller-financed,
124	124	21 or other), (d) down payment, (e) term, (f) interest rate, (g)
125	125	22 type and description of interest rate (fixed, adjustable or
126	126	23 renegotiable), and (h) an appropriate place for the inclusion
127	127	24 of special facts or circumstances, if any. The Department
128	128	25 shall provide an adequate supply of forms to each recorder and
129	129	26 registrar of titles in the State.
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140	140	1 (Source: P.A. 96-1083, eff. 7-16-10.)
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