HomeMy WebLinkAboutOrd 4381 12/17/1991 ORDINANCE NO. 4381
AN ORDINANCE AMENDING ARTICLE VIII OF CHAPTER 8
ENTITLED "REAL ESTATE TRANSFER TAX" OF
THE VILLAGE CODE OF MOUNT PROSPECT
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 17th day of December , 1991
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
3~st day of December , 1991.
CAF/ ,
11/13/91-
ORDINANCE NO. 4381
AN ORDINANCE AMENDING ARTICLE~VIII OF CHAPTER 8
ENTITLED "REAL ESTATE TRANSFER TAX" OF
THE VILLAGE CODE OF MOUNT PR0$P$~T
WHEREAS, there are an increasing number of families desirous of
buying a home in the Village of Mount Prospect; and
Wq{EREAS, due to the costs involved, it becomes increasingly
difficult to afford home ownership; and
WHEREAS, the Treasurer of the State of Illinois has initiated the
Home Ownership Made Easy (H.O.M.E) Program in an effort to both
encourage and enable individuals to purchase homes; and
WHEREAS, in an effort to cooperate with the State Treasurer in the
H.O.M.E. Program, the corporate authorities of the Village of Mount
Prospect have determined that it would be in the best interests df
the Village to exempt a portion of the Real Estate Transfer Tax
adopted by the corporate authorities of the Village of Mount
Prospect for anyone participating in the H.O.M.E. Program.
NOW, THEREFORE, IT BE ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That Section 8.802 of Article VIII entitled "Real
Estate Transfer Tax" of Chapter 8 of the Village Code of Mount
Prospect, as amended, is hereby further amended by adding thereto
paragraph #C"; so that hereinafter said Section 8.806 (Exempt
Transactions) shall include the following:
"C. Any person who is a participant in the Illinois Home Ownership
Made Easy (H.O.M.E.) Program, 67-1/2 Ill.Rev. Stat. 1101 e~
seq. and is certified to receive program benefits under 67-
1/2 I%~.Rev. Stat. 1107 (Sect. 7 of the Act), and who has paid
the Real Estate Transfer Tax at the three dollars ($3.00) per
one thousand dollars ($1,000.00) rate shall be entitled to a
rebate of two dollars ($2.00) for each one thousand
($1,000.00) of the purchase price, provided proper application
has been made to the Village Treasurer.
Within 30 days following the receipt of Application for Rebate
of Real Estate Transfer Tax, as provided herein, the Village
Treasurer shall verify the information provided and if, in the
opinion of the Village Treasurer, the applicable criteria has
been met the Village Treasurer shall cause a warrant to be
issued to the person applying for said rebate. "
SECTION TWO: That the Village Clerk is hereby directed to forward
a certified copy of this Ordinance tO the Cook County Clerk and the
Office of the Treasurer of the State of Illinois.
SECTION THREE: That this Ordinance shall be in full force and
hapter 8
H.O.M.E
Real Estate Tax Exemption
Page 2 of 2
effect from and after its passage, approval and publication in
pamphlet form in the manner provided by law.
AYES: Busse, Floros, Hoefert, Farley
NAYS: Clowes, Corcoran, Wilks
ABSENT: None
PASSED and APPROVED this ]Tth day of ner~mhPr , 1991.
Gerald L. Farley
Village President
ATTEST:
Carol A. Fields
Village Clerk