Illinois 2023-2024 Regular Session

Illinois House Bill HB3279 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 HB3279 Introduced , by Rep. Blaine Wilhour SYNOPSIS AS INTRODUCED: 35 ILCS 200/15-175 35 ILCS 200/17-10 35 ILCS 200/Art. 31 rep.765 ILCS 5/40 new765 ILCS 5/41 new Repeals the Real Estate Transfer Tax Law of the Property Code. Moves provisions concerning the real estate transfer declarations and exemptions to the Conveyance Act. Makes conforming changes. LRB103 05276 SPS 50294 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3279 Introduced , by Rep. Blaine Wilhour SYNOPSIS AS INTRODUCED: 35 ILCS 200/15-175 35 ILCS 200/17-10 35 ILCS 200/Art. 31 rep.765 ILCS 5/40 new765 ILCS 5/41 new 35 ILCS 200/15-175 35 ILCS 200/17-10 35 ILCS 200/Art. 31 rep. 765 ILCS 5/40 new 765 ILCS 5/41 new Repeals the Real Estate Transfer Tax Law of the Property Code. Moves provisions concerning the real estate transfer declarations and exemptions to the Conveyance Act. Makes conforming changes. LRB103 05276 SPS 50294 b LRB103 05276 SPS 50294 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3279 Introduced , by Rep. Blaine Wilhour SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 200/15-175 35 ILCS 200/17-10 35 ILCS 200/Art. 31 rep.765 ILCS 5/40 new765 ILCS 5/41 new 35 ILCS 200/15-175 35 ILCS 200/17-10 35 ILCS 200/Art. 31 rep. 765 ILCS 5/40 new 765 ILCS 5/41 new
4	4	35 ILCS 200/15-175
5	5	35 ILCS 200/17-10
6	6	35 ILCS 200/Art. 31 rep.
7	7	765 ILCS 5/40 new
8	8	765 ILCS 5/41 new
9	9	Repeals the Real Estate Transfer Tax Law of the Property Code. Moves provisions concerning the real estate transfer declarations and exemptions to the Conveyance Act. Makes conforming changes.
10	10	LRB103 05276 SPS 50294 b LRB103 05276 SPS 50294 b
11	11	LRB103 05276 SPS 50294 b
12	12	A BILL FOR
13	13	HB3279LRB103 05276 SPS 50294 b HB3279 LRB103 05276 SPS 50294 b
14	14	HB3279 LRB103 05276 SPS 50294 b
15	15	1 AN ACT concerning revenue.
16	16	2 Be it enacted by the People of the State of Illinois,
17	17	3 represented in the General Assembly:
18	18	4 Section 5. The Property Tax Code is amended by changing
19	19	5 Sections 15-175 and 17-10 as follows:
20	20	6 (35 ILCS 200/15-175)
21	21	7 Sec. 15-175. General homestead exemption.
22	22	8 (a) Except as provided in Sections 15-176 and 15-177,
23	23	9 homestead property is entitled to an annual homestead
24	24	10 exemption limited, except as described here with relation to
25	25	11 cooperatives or life care facilities, to a reduction in the
26	26	12 equalized assessed value of homestead property equal to the
27	27	13 increase in equalized assessed value for the current
28	28	14 assessment year above the equalized assessed value of the
29	29	15 property for 1977, up to the maximum reduction set forth
30	30	16 below. If however, the 1977 equalized assessed value upon
31	31	17 which taxes were paid is subsequently determined by local
32	32	18 assessing officials, the Property Tax Appeal Board, or a court
33	33	19 to have been excessive, the equalized assessed value which
34	34	20 should have been placed on the property for 1977 shall be used
35	35	21 to determine the amount of the exemption.
36	36	22 (b) Except as provided in Section 15-176, the maximum
37	37	23 reduction before taxable year 2004 shall be $4,500 in counties
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41	41	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3279 Introduced , by Rep. Blaine Wilhour SYNOPSIS AS INTRODUCED:
42	42	35 ILCS 200/15-175 35 ILCS 200/17-10 35 ILCS 200/Art. 31 rep.765 ILCS 5/40 new765 ILCS 5/41 new 35 ILCS 200/15-175 35 ILCS 200/17-10 35 ILCS 200/Art. 31 rep. 765 ILCS 5/40 new 765 ILCS 5/41 new
43	43	35 ILCS 200/15-175
44	44	35 ILCS 200/17-10
45	45	35 ILCS 200/Art. 31 rep.
46	46	765 ILCS 5/40 new
47	47	765 ILCS 5/41 new
48	48	Repeals the Real Estate Transfer Tax Law of the Property Code. Moves provisions concerning the real estate transfer declarations and exemptions to the Conveyance Act. Makes conforming changes.
49	49	LRB103 05276 SPS 50294 b LRB103 05276 SPS 50294 b
50	50	LRB103 05276 SPS 50294 b
51	51	A BILL FOR
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57	57	35 ILCS 200/15-175
58	58	35 ILCS 200/17-10
59	59	35 ILCS 200/Art. 31 rep.
60	60	765 ILCS 5/40 new
61	61	765 ILCS 5/41 new
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80	80	1 with 3,000,000 or more inhabitants and $3,500 in all other
81	81	2 counties. Except as provided in Sections 15-176 and 15-177,
82	82	3 for taxable years 2004 through 2007, the maximum reduction
83	83	4 shall be $5,000, for taxable year 2008, the maximum reduction
84	84	5 is $5,500, and, for taxable years 2009 through 2011, the
85	85	6 maximum reduction is $6,000 in all counties. For taxable years
86	86	7 2012 through 2016, the maximum reduction is $7,000 in counties
87	87	8 with 3,000,000 or more inhabitants and $6,000 in all other
88	88	9 counties. For taxable years 2017 through 2022, the maximum
89	89	10 reduction is $10,000 in counties with 3,000,000 or more
90	90	11 inhabitants and $6,000 in all other counties. For taxable
91	91	12 years 2023 and thereafter, the maximum reduction is $10,000 in
92	92	13 counties with 3,000,000 or more inhabitants, $8,000 in
93	93	14 counties that are contiguous to a county of 3,000,000 or more
94	94	15 inhabitants, and $6,000 in all other counties. If a county has
95	95	16 elected to subject itself to the provisions of Section 15-176
96	96	17 as provided in subsection (k) of that Section, then, for the
97	97	18 first taxable year only after the provisions of Section 15-176
98	98	19 no longer apply, for owners who, for the taxable year, have not
99	99	20 been granted a senior citizens assessment freeze homestead
100	100	21 exemption under Section 15-172 or a long-time occupant
101	101	22 homestead exemption under Section 15-177, there shall be an
102	102	23 additional exemption of $5,000 for owners with a household
103	103	24 income of $30,000 or less.
104	104	25 (c) In counties with fewer than 3,000,000 inhabitants, if,
105	105	26 based on the most recent assessment, the equalized assessed
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116	116	1 value of the homestead property for the current assessment
117	117	2 year is greater than the equalized assessed value of the
118	118	3 property for 1977, the owner of the property shall
119	119	4 automatically receive the exemption granted under this Section
120	120	5 in an amount equal to the increase over the 1977 assessment up
121	121	6 to the maximum reduction set forth in this Section.
122	122	7 (d) If in any assessment year beginning with the 2000
123	123	8 assessment year, homestead property has a pro-rata valuation
124	124	9 under Section 9-180 resulting in an increase in the assessed
125	125	10 valuation, a reduction in equalized assessed valuation equal
126	126	11 to the increase in equalized assessed value of the property
127	127	12 for the year of the pro-rata valuation above the equalized
128	128	13 assessed value of the property for 1977 shall be applied to the
129	129	14 property on a proportionate basis for the period the property
130	130	15 qualified as homestead property during the assessment year.
131	131	16 The maximum proportionate homestead exemption shall not exceed
132	132	17 the maximum homestead exemption allowed in the county under
133	133	18 this Section divided by 365 and multiplied by the number of
134	134	19 days the property qualified as homestead property.
135	135	20 (d-1) In counties with 3,000,000 or more inhabitants,
136	136	21 where the chief county assessment officer provides a notice of
137	137	22 discovery, if a property is not occupied by its owner as a
138	138	23 principal residence as of January 1 of the current tax year,
139	139	24 then the property owner shall notify the chief county
140	140	25 assessment officer of that fact on a form prescribed by the
141	141	26 chief county assessment officer. That notice must be received
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152	152	1 by the chief county assessment officer on or before March 1 of
153	153	2 the collection year. If mailed, the form shall be sent by
154	154	3 certified mail, return receipt requested. If the form is
155	155	4 provided in person, the chief county assessment officer shall
156	156	5 provide a date stamped copy of the notice. Failure to provide
157	157	6 timely notice pursuant to this subsection (d-1) shall result
158	158	7 in the exemption being treated as an erroneous exemption. Upon
159	159	8 timely receipt of the notice for the current tax year, no
160	160	9 exemption shall be applied to the property for the current tax
161	161	10 year. If the exemption is not removed upon timely receipt of
162	162	11 the notice by the chief assessment officer, then the error is
163	163	12 considered granted as a result of a clerical error or omission
164	164	13 on the part of the chief county assessment officer as
165	165	14 described in subsection (h) of Section 9-275, and the property
166	166	15 owner shall not be liable for the payment of interest and
167	167	16 penalties due to the erroneous exemption for the current tax
168	168	17 year for which the notice was filed after the date that notice
169	169	18 was timely received pursuant to this subsection. Notice
170	170	19 provided under this subsection shall not constitute a defense
171	171	20 or amnesty for prior year erroneous exemptions.
172	172	21 For the purposes of this subsection (d-1):
173	173	22 "Collection year" means the year in which the first and
174	174	23 second installment of the current tax year is billed.
175	175	24 "Current tax year" means the year prior to the collection
176	176	25 year.
177	177	26 (e) The chief county assessment officer may, when
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188	188	1 considering whether to grant a leasehold exemption under this
189	189	2 Section, require the following conditions to be met:
190	190	3 (1) that a notarized application for the exemption,
191	191	4 signed by both the owner and the lessee of the property,
192	192	5 must be submitted each year during the application period
193	193	6 in effect for the county in which the property is located;
194	194	7 (2) that a copy of the lease must be filed with the
195	195	8 chief county assessment officer by the owner of the
196	196	9 property at the time the notarized application is
197	197	10 submitted;
198	198	11 (3) that the lease must expressly state that the
199	199	12 lessee is liable for the payment of property taxes; and
200	200	13 (4) that the lease must include the following language
201	201	14 in substantially the following form:
202	202	15 "Lessee shall be liable for the payment of real
203	203	16 estate taxes with respect to the residence in
204	204	17 accordance with the terms and conditions of Section
205	205	18 15-175 of the Property Tax Code (35 ILCS 200/15-175).
206	206	19 The permanent real estate index number for the
207	207	20 premises is (insert number), and, according to the
208	208	21 most recent property tax bill, the current amount of
209	209	22 real estate taxes associated with the premises is
210	210	23 (insert amount) per year. The parties agree that the
211	211	24 monthly rent set forth above shall be increased or
212	212	25 decreased pro rata (effective January 1 of each
213	213	26 calendar year) to reflect any increase or decrease in
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224	224	1 real estate taxes. Lessee shall be deemed to be
225	225	2 satisfying Lessee's liability for the above mentioned
226	226	3 real estate taxes with the monthly rent payments as
227	227	4 set forth above (or increased or decreased as set
228	228	5 forth herein).".
229	229	6 In addition, if there is a change in lessee, or if the
230	230	7 lessee vacates the property, then the chief county assessment
231	231	8 officer may require the owner of the property to notify the
232	232	9 chief county assessment officer of that change.
233	233	10 This subsection (e) does not apply to leasehold interests
234	234	11 in property owned by a municipality.
235	235	12 (f) "Homestead property" under this Section includes
236	236	13 residential property that is occupied by its owner or owners
237	237	14 as his or their principal dwelling place, or that is a
238	238	15 leasehold interest on which a single family residence is
239	239	16 situated, which is occupied as a residence by a person who has
240	240	17 an ownership interest therein, legal or equitable or as a
241	241	18 lessee, and on which the person is liable for the payment of
242	242	19 property taxes. For land improved with an apartment building
243	243	20 owned and operated as a cooperative, the maximum reduction
244	244	21 from the equalized assessed value shall be limited to the
245	245	22 increase in the value above the equalized assessed value of
246	246	23 the property for 1977, up to the maximum reduction set forth
247	247	24 above, multiplied by the number of apartments or units
248	248	25 occupied by a person or persons who is liable, by contract with
249	249	26 the owner or owners of record, for paying property taxes on the
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260	260	1 property and is an owner of record of a legal or equitable
261	261	2 interest in the cooperative apartment building, other than a
262	262	3 leasehold interest. For land improved with a life care
263	263	4 facility, the maximum reduction from the value of the
264	264	5 property, as equalized by the Department, shall be multiplied
265	265	6 by the number of apartments or units occupied by a person or
266	266	7 persons, irrespective of any legal, equitable, or leasehold
267	267	8 interest in the facility, who are liable, under a life care
268	268	9 contract with the owner or owners of record of the facility,
269	269	10 for paying property taxes on the property. For purposes of
270	270	11 this Section, the term "life care facility" has the meaning
271	271	12 stated in Section 15-170.
272	272	13 "Household", as used in this Section, means the owner, the
273	273	14 spouse of the owner, and all persons using the residence of the
274	274	15 owner as their principal place of residence.
275	275	16 "Household income", as used in this Section, means the
276	276	17 combined income of the members of a household for the calendar
277	277	18 year preceding the taxable year.
278	278	19 "Income", as used in this Section, has the same meaning as
279	279	20 provided in Section 3.07 of the Senior Citizens and Persons
280	280	21 with Disabilities Property Tax Relief Act, except that
281	281	22 "income" does not include veteran's benefits.
282	282	23 (g) In a cooperative or life care facility where a
283	283	24 homestead exemption has been granted, the cooperative
284	284	25 association or the management of the cooperative or life care
285	285	26 facility shall credit the savings resulting from that
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296	296	1 exemption only to the apportioned tax liability of the owner
297	297	2 or resident who qualified for the exemption. Any person who
298	298	3 willfully refuses to so credit the savings shall be guilty of a
299	299	4 Class B misdemeanor.
300	300	5 (h) Where married persons maintain and reside in separate
301	301	6 residences qualifying as homestead property, each residence
302	302	7 shall receive 50% of the total reduction in equalized assessed
303	303	8 valuation provided by this Section.
304	304	9 (i) In all counties, the assessor or chief county
305	305	10 assessment officer may determine the eligibility of
306	306	11 residential property to receive the homestead exemption and
307	307	12 the amount of the exemption by application, visual inspection,
308	308	13 questionnaire or other reasonable methods. The determination
309	309	14 shall be made in accordance with guidelines established by the
310	310	15 Department, provided that the taxpayer applying for an
311	311	16 additional general exemption under this Section shall submit
312	312	17 to the chief county assessment officer an application with an
313	313	18 affidavit of the applicant's total household income, age,
314	314	19 marital status (and, if married, the name and address of the
315	315	20 applicant's spouse, if known), and principal dwelling place of
316	316	21 members of the household on January 1 of the taxable year. The
317	317	22 Department shall issue guidelines establishing a method for
318	318	23 verifying the accuracy of the affidavits filed by applicants
319	319	24 under this paragraph. The applications shall be clearly marked
320	320	25 as applications for the Additional General Homestead
321	321	26 Exemption.
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332	332	1 (i-5) This subsection (i-5) applies to counties with
333	333	2 3,000,000 or more inhabitants. In the event of a sale of
334	334	3 homestead property, the homestead exemption shall remain in
335	335	4 effect for the remainder of the assessment year of the sale.
336	336	5 Upon receipt of a transfer declaration transmitted by the
337	337	6 recorder pursuant to Section 40 of the Conveyances Act Section
338	338	7 31-30 of the Real Estate Transfer Tax Law for property
339	339	8 receiving an exemption under this Section, the assessor shall
340	340	9 mail a notice and forms to the new owner of the property
341	341	10 providing information pertaining to the rules and applicable
342	342	11 filing periods for applying or reapplying for homestead
343	343	12 exemptions under this Code for which the property may be
344	344	13 eligible. If the new owner fails to apply or reapply for a
345	345	14 homestead exemption during the applicable filing period or the
346	346	15 property no longer qualifies for an existing homestead
347	347	16 exemption, the assessor shall cancel such exemption for any
348	348	17 ensuing assessment year.
349	349	18 (j) In counties with fewer than 3,000,000 inhabitants, in
350	350	19 the event of a sale of homestead property the homestead
351	351	20 exemption shall remain in effect for the remainder of the
352	352	21 assessment year of the sale. The assessor or chief county
353	353	22 assessment officer may require the new owner of the property
354	354	23 to apply for the homestead exemption for the following
355	355	24 assessment year.
356	356	25 (k) Notwithstanding Sections 6 and 8 of the State Mandates
357	357	26 Act, no reimbursement by the State is required for the
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368	368	1 implementation of any mandate created by this Section.
369	369	2 (l) The changes made to this Section by this amendatory
370	370	3 Act of the 100th General Assembly are effective for the 2018
371	371	4 tax year and thereafter.
372	372	5 (Source: P.A. 102-895, eff. 5-23-22.)
373	373	6 (35 ILCS 200/17-10)
374	374	7 Sec. 17-10. Sales ratio studies. The Department shall
375	375	8 monitor the quality of local assessments by designing,
376	376	9 preparing and using ratio studies, and shall use the results
377	377	10 as the basis for equalization decisions. In compiling sales
378	378	11 ratio studies, the Department shall exclude from the reported
379	379	12 sales price of any property any amounts included for personal
380	380	13 property and, for sales occurring through December 31, 1999,
381	381	14 shall exclude seller paid points. The Department shall not
382	382	15 include in its sales ratio studies sales of property which
383	383	16 have been platted and for which an increase in the assessed
384	384	17 valuation is restricted by Section 10-30. The Department shall
385	385	18 not include in its sales ratio studies the initial sale of
386	386	19 residential property that has been converted to condominium
387	387	20 property. The Department shall include compulsory sales
388	388	21 occurring on or after January 1, 2011 in its sales ratio
389	389	22 studies. The Department shall also consider whether the
390	390	23 compulsory sale would otherwise be considered an arm's length
391	391	24 transaction, based on existing sales ratio study standards.
392	392	25 When the declaration required under Section 40 of the
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403	403	1 Conveyances Act the Real Estate Transfer Tax Law contains
404	404	2 financing information required under Section 31-25, the
405	405	3 Department shall adjust sales prices to exclude seller-paid
406	406	4 points and shall adjust sales prices to "cash value" when
407	407	5 seller related financing is used that is different than the
408	408	6 prevailing cost of cash. The prevailing cost of cash for sales
409	409	7 occurring on or after January 1, 1992 shall be established as
410	410	8 the monthly average 30-year fixed Primary Mortgage Market
411	411	9 Survey rate for the North Central Region as published weekly
412	412	10 by the Federal Home Loan Mortgage Corporation, as computed by
413	413	11 the Department, or such other rate as determined by the
414	414	12 Department. This rate shall be known as the survey rate. For
415	415	13 sales occurring on or after January 1, 1992, through December
416	416	14 31, 1999, adjustments in the prevailing cost of cash shall be
417	417	15 made only after the survey rate has been at or above 13% for 12
418	418	16 consecutive months and will continue until the survey rate has
419	419	17 been below 13% for 12 consecutive months. For sales occurring
420	420	18 on or after January 1, 2000, adjustments for seller paid
421	421	19 points and adjustments in the prevailing cost of cash shall be
422	422	20 made only after the survey rate has been at or above 13% for 12
423	423	21 consecutive months and will continue until the survey rate has
424	424	22 been below 13% for 12 consecutive months. The Department shall
425	425	23 make public its adjustment procedure upon request.
426	426	24 (Source: P.A. 96-1083, eff. 7-16-10.)
427	427	25 (35 ILCS 200/Art. 31 rep.)
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438	438	1 Section 10. The Property Tax Code is amended by repealing
439	439	2 Article 31.
440	440	3 Section 15. The Conveyances Act is amended by adding
441	441	4 Sections 40 and 41 as follows:
442	442	5 (765 ILCS 5/40 new)
443	443	6 Sec. 40. Transfer declaration. At the time a deed, a
444	444	7 document transferring a controlling interest in real property,
445	445	8 or trust document is presented for recordation, or within 3
446	446	9 business days after the transfer is effected, whichever is
447	447	10 earlier, there shall also be presented to the recorder or
448	448	11 registrar of titles a declaration, signed by at least one of
449	449	12 the sellers and also signed by at least one of the buyers in
450	450	13 the transaction or by the attorneys or agents for the sellers
451	451	14 or buyers. The declaration shall state information including,
452	452	15 but not limited to: (1) the value of the real property or
453	453	16 beneficial interest in real property located in Illinois so
454	454	17 transferred; (2) the parcel identifying number of the
455	455	18 property; (3) the legal description of the property; (4) the
456	456	19 date of the deed, the date the transfer was effected, or the
457	457	20 date of the trust document; (5) the type of deed, transfer, or
458	458	21 trust document; (6) the address of the property; (7) the type
459	459	22 of improvement, if any, on the property; (8) information as to
460	460	23 whether the transfer is between related individuals or
461	461	24 corporate affiliates or is a compulsory transaction; (9) the
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472	472	1 lot size or acreage; (10) the value of personal property sold
473	473	2 with the real estate; (11) the year the contract was initiated
474	474	3 if an installment sale; (12) any homestead exemptions, as
475	475	4 provided in Sections 15-170, 15-172, 15-175, and 15-176 of the
476	476	5 Property Tax Code as reflected on the most recent annual tax
477	477	6 bill; (13) the name, address, and telephone number of the
478	478	7 person preparing the declaration; and (14) whether the
479	479	8 transfer is pursuant to compulsory sale. Except as provided in
480	480	9 Section 41, a deed, a document transferring a controlling
481	481	10 interest in real property, or trust document shall not be
482	482	11 accepted for recordation unless it is accompanied by a
483	483	12 declaration containing all the information requested in the
484	484	13 declaration. When the declaration is signed by an attorney or
485	485	14 agent on behalf of sellers or buyers who have the power of
486	486	15 direction to deal with the title to the real estate under a
487	487	16 land trust agreement, the trustee being the mere repository of
488	488	17 record legal title with a duty of conveying the real estate
489	489	18 only when and if directed in writing by the beneficiary or
490	490	19 beneficiaries having the power of direction, the attorneys or
491	491	20 agents executing the declaration on behalf of the sellers or
492	492	21 buyers need identify only the land trust that is the
493	493	22 repository of record legal title and not the beneficiary or
494	494	23 beneficiaries having the power of direction under the land
495	495	24 trust agreement. The declaration form shall be prescribed by
496	496	25 the Department of Revenue and shall contain sales information
497	497	26 questions. The subject of the financing questions shall
498	498
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508	508	1 include any direct seller participation in the financing of
509	509	2 the sale or information on financing that is unconventional so
510	510	3 as to affect the fair cash value received by the seller.
511	511	4 (765 ILCS 5/41 new)
512	512	5 Sec. 41. Exemptions. The following deeds or trust
513	513	6 documents shall be exempt from the transfer declaration
514	514	7 described in Section 40:
515	515	8 (1) Deeds representing real estate transfers made
516	516	9 before January 1, 1968, but recorded after that date and
517	517	10 trust documents executed before January 1, 1986, but
518	518	11 recorded after that date.
519	519	12 (2) Deeds to or trust documents relating to (i)
520	520	13 property acquired by any governmental body or from any
521	521	14 governmental body, (ii) property or interests transferred
522	522	15 between governmental bodies, or (iii) property acquired by
523	523	16 or from any corporation, society, association, foundation
524	524	17 or institution organized and operated exclusively for
525	525	18 charitable, religious or educational purposes. However,
526	526	19 deeds or trust documents, other than those in which the
527	527	20 Administrator of Veterans Affairs of the United States is
528	528	21 the grantee pursuant to a foreclosure proceeding, shall
529	529	22 not be exempt from filing the declaration.
530	530	23 (3) Deeds or trust documents that secure debt or other
531	531	24 obligation.
532	532	25 (4) Deeds or trust documents that, without additional
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543	543	1 consideration, confirm, correct, modify, or supplement a
544	544	2 deed or trust document previously recorded.
545	545	3 (5) Deeds or trust documents where the actual
546	546	4 consideration is less than $100.
547	547	5 (6) Tax deeds.
548	548	6 (g) Deeds or trust documents that release property
549	549	7 that is security for a debt or other obligation.
550	550	8 (7) Deeds of partition.
551	551	9 (8) Deeds or trust documents made pursuant to mergers,
552	552	10 consolidations or transfers or sales of substantially all
553	553	11 of the assets of corporations under plans of
554	554	12 reorganization under the Federal Internal Revenue Code or
555	555	13 Title 11 of the Federal Bankruptcy Act.
556	556	14 (9) Deeds or trust documents made by a subsidiary
557	557	15 corporation to its parent corporation for no consideration
558	558	16 other than the cancellation or surrender of the
559	559	17 subsidiary's stock.
560	560	18 (10) Deeds when there is an actual exchange of real
561	561	19 estate and trust documents when there is an actual
562	562	20 exchange of beneficial interests, except that that money
563	563	21 difference or money's worth paid from one to the other is
564	564	22 not exempt from the tax. These deeds or trust documents,
565	565	23 however, shall not be exempt from filing the declaration.
566	566	24 (11) Deeds issued to a holder of a mortgage, as
567	567	25 defined in Section 15-103 of the Code of Civil Procedure,
568	568	26 pursuant to a mortgage foreclosure proceeding or pursuant
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579	579	1 to a transfer in lieu of foreclosure.
580	580	2 (12) A deed or trust document related to the purchase
581	581	3 of a principal residence by a participant in the program
582	582	4 authorized by the Home Ownership Made Easy Act, except
583	583	5 that those deeds and trust documents shall not be exempt
584	584	6 from filing the declaration.
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