55 ILCS 5/5-1031.1
2021 Illinois Compiled Statutes|Chapter 55 - COUNTIES|55 ILCS 5/ - Counties Code.|Article 5 - Powers And Duties Of County Boards

Sec. 5-1031.1. Home rule real estate transfer taxes.(a) After the effective date of this amendatory Act of the 93rd General  Assembly and subject  to this Section, a home rule county may impose or increase a tax or other fee  on the privilege of transferring title to real estate, on the privilege of transferring a  beneficial interest in real property,  and  on the privilege of transferring a controlling interest in a real estate  entity, as the terms "beneficial interest", "controlling interest", and "real  estate entity" are  defined in Article 31 of the  Property Tax Code.  Such  a tax or  other fee shall hereafter be referred to as a  real estate transfer tax.(b) Before adopting a resolution to submit the question of imposing or  increasing a real estate transfer tax to referendum, the corporate authorities  shall give public notice of and hold a public hearing on the intent to submit  the question to referendum.  This hearing may be part of a regularly scheduled  meeting of the corporate authorities.  The  notice shall be published not more than 30 nor less than 10 days prior to the  hearing in a newspaper of general circulation within the county.  The notice  shall be published in the following form:Notice of Proposed (Increased) Real Estate Transfer     Tax for (commonly known name of county).A public hearing on a resolution to submit to     referendum the question of a proposed (increased) real estate transfer tax for (legal name of the county) in an amount of (rate) to be paid by the buyer (seller) of the real estate transferred will be held on (date) at (time) at (location).  The current rate of real estate transfer tax imposed by (name of county) is (rate).Any person desiring to appear at the public hearing     and present testimony to the taxing district may do so.(c) A notice that includes any information not specified and required by  this Section is an invalid notice.  All hearings shall be open to the public.  At the public hearing, the corporate authorities of the county shall explain  the reasons for the proposed or increased real estate transfer tax and shall  permit persons desiring to be heard an opportunity to present testimony within  reasonable time limits determined by the corporate authorities.  A copy of the  proposed ordinance shall be made available to the general public for inspection  before the public hearing.(d) No home rule county shall impose a new real estate transfer tax after  the effective date of this amendatory Act of 1996 without prior approval by  referendum.  No home rule county  shall impose an increase of the rate of a current real estate transfer tax  without prior approval by referendum.  A home rule county may impose a new real  estate transfer tax or may increase an existing real estate transfer tax  with prior referendum approval.  The referendum shall be conducted as provided  in subsection (e).  An existing ordinance or resolution imposing a real estate transfer tax may  be amended without approval by referendum if the amendment does not increase  the rate of the tax or add transactions on which the tax is imposed.(e) The home rule county shall, by resolution, provide for submission  of the proposition to the voters.  The home rule county shall certify  the resolution and the proposition to the proper election officials in  accordance with the general election law.  If the proposition is to impose  a new real estate transfer tax, it shall be in substantially the following  form:  "Shall (name of county) impose a real estate transfer tax at a rate of  (rate) to be paid by the buyer (seller) of the real estate transferred, with  the revenue of the proposed transfer tax to be used for (purpose)?".  If the  proposition is to increase an existing real estate transfer tax, it shall  be in the following form:  "Shall (name of county) impose a real estate  transfer tax increase of (percent increase) to establish a new real estate  transfer tax rate of (rate) to be paid by the buyer (seller) of the real  estate transferred?  The current rate of the real estate transfer tax is  (rate), and the revenue is used for (purpose).  The revenue from the increase  is to be used for (purpose).".If a majority of the electors voting on the proposition vote in favor of  it, the county may impose or increase the real estate transfer tax.(f) Nothing in this amendatory Act of 1996 shall limit the purposes for  which real estate transfer tax revenues may be collected or expended.(g) A home rule county may not impose real estate  transfer taxes other than as authorized by this Section. This Section is a  denial and limitation of home rule powers and functions under subsection (g)  of Section 6 of Article VII of the Illinois Constitution.(h) Notwithstanding subsection (g) of this Section, any real estate  transfer taxes  adopted by a county at any time prior to January 17, 1997 (the effective date  of Public Act 89-701)  and any amendments to any existing real estate transfer tax ordinance adopted  after that date, in accordance with the law in effect at the time of the  adoption of the amendments,  are not preempted by this amendatory Act of the 93rd General Assembly.           (Source: P.A. 93-657, eff. 6-1-04.)