65 ILCS 5/8-3-19
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

Sec. 8-3-19. 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  municipality 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  municipality.  The notice shall be published in the following form:Notice of Proposed (Increased) Real Estate Transfer     Tax for (commonly known name of municipality).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 municipality) 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 municipality) 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  municipality 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) Except as provided in subsection (i), no   home rule municipality shall impose a new real estate transfer tax  after the  effective date of this amendatory Act of 1996 without prior approval by  referendum.  Except as provided in subsection (i), no   home rule  municipality shall impose an increase of the rate of a current real estate  transfer tax without prior approval by referendum.  A home rule municipality  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 municipality shall, by resolution, provide for submission  of the proposition to the voters.  The home rule municipality 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 municipality) 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 municipality) impose a real estate  transfer tax increase of (percent increase) to establish a new  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 municipality may impose or increase the municipal real estate transfer  tax or fee.(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 municipality 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 municipality 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.(i)  Within 6 months after the effective date of this amendatory Act of the 95th General Assembly, by ordinance adopted without a referendum, a home rule municipality with a population in excess of 1,000,000 may increase the rate of an existing real estate transfer tax by a rate of up to $1.50 for each $500 of value or fraction thereof,  or in the alternative may impose a real estate transfer tax at a rate of up to $1.50 for each $500 of value or fraction thereof, which may be on the buyer or seller of real estate, or jointly and severally on both, for the sole purpose of providing financial assistance to the Chicago Transit Authority. All amounts collected under such supplemental tax, after fees for costs of collection, shall be provided to the Chicago Transit Authority pursuant to an intergovernmental agreement as promptly as practicable upon their receipt.  Such municipality shall file a copy of any ordinance imposing or increasing such tax with the Illinois Department of Revenue and shall file a report with the Department each month certifying the amount paid to the Chicago Transit Authority in the previous month from the proceeds of such tax.  (Source: P.A. 95-708, eff. 1-18-08.)