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
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
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
LRB103 30962 HLH 57542 b
A BILL FOR
HB3096LRB103 30962 HLH 57542 b HB3096 LRB103 30962 HLH 57542 b
HB3096 LRB103 30962 HLH 57542 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Property Tax Code is amended by changing
5 Section 31-25 as follows:
6 (35 ILCS 200/31-25)
7 Sec. 31-25. Transfer declaration. At the time a deed, a
8 document transferring a controlling interest in real property,
9 or trust document is presented for recordation, or within 3
10 business days after the transfer is effected, whichever is
11 earlier, there shall also be presented to the recorder or
12 registrar of titles a declaration, signed by at least one of
13 the sellers and also signed by at least one of the buyers in
14 the transaction or by the attorneys or agents for the sellers
15 or buyers. The declaration shall state information including,
16 but not limited to: (a) the value of the real property or
17 beneficial interest in real property located in Illinois so
18 transferred; (b) the parcel identifying number of the
19 property; (c) the legal description of the property; (d) the
20 date of the deed, the date the transfer was effected, or the
21 date of the trust document; (e) the type of deed, transfer, or
22 trust document; (f) the address of the property; (g) the type
23 of improvement, if any, on the property; (h) information as to
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
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
LRB103 30962 HLH 57542 b
A BILL FOR
35 ILCS 200/31-25
LRB103 30962 HLH 57542 b
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1 whether the transfer is between related individuals or
2 corporate affiliates or is a compulsory transaction; (i) the
3 lot size or acreage; (j) the value of personal property sold
4 with the real estate; (k) the year the contract was initiated
5 if an installment sale; (l) any homestead exemptions, as
6 provided in Sections 15-170, 15-172, 15-175, and 15-176 as
7 reflected on the most recent annual tax bill; (m) the name,
8 address, and telephone number of the person preparing the
9 declaration; and (n) whether the transfer is pursuant to
10 compulsory sale; and (o) for properties where the buyer or
11 buyers are natural individuals, whether the property is
12 intended to be the principal residence of the buyer or buyers.
13 Except as provided in Section 31-45, a deed, a document
14 transferring a controlling interest in real property, or trust
15 document shall not be accepted for recordation unless it is
16 accompanied by a declaration containing all the information
17 requested in the declaration. When the declaration is signed
18 by an attorney or agent on behalf of sellers or buyers who have
19 the power of direction to deal with the title to the real
20 estate under a land trust agreement, the trustee being the
21 mere repository of record legal title with a duty of conveying
22 the real estate only when and if directed in writing by the
23 beneficiary or beneficiaries having the power of direction,
24 the attorneys or agents executing the declaration on behalf of
25 the sellers or buyers need identify only the land trust that is
26 the repository of record legal title and not the beneficiary
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1 or beneficiaries having the power of direction under the land
2 trust agreement. The declaration form shall be prescribed by
3 the Department and shall contain sales information questions.
4 For sales occurring during a period in which the provisions of
5 Section 17-10 require the Department to adjust sale prices for
6 seller paid points and prevailing cost of cash, the
7 declaration form shall contain questions regarding the
8 financing of the sale. The subject of the financing questions
9 shall include any direct seller participation in the financing
10 of the sale or information on financing that is unconventional
11 so as to affect the fair cash value received by the seller. The
12 intent of the sales and financing questions is to aid in the
13 reduction in the number of buyers required to provide
14 financing information necessary for the adjustment outlined in
15 Section 17-10. For sales occurring during a period in which
16 the provisions of Section 17-10 require the Department to
17 adjust sale prices for seller paid points and prevailing cost
18 of cash, the declaration form shall include, at a minimum, the
19 following data: (a) seller paid points, (b) the sales price,
20 (c) type of financing (conventional, VA, FHA, seller-financed,
21 or other), (d) down payment, (e) term, (f) interest rate, (g)
22 type and description of interest rate (fixed, adjustable or
23 renegotiable), and (h) an appropriate place for the inclusion
24 of special facts or circumstances, if any. The Department
25 shall provide an adequate supply of forms to each recorder and
26 registrar of titles in the State.
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1 (Source: P.A. 96-1083, eff. 7-16-10.)
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