HomeMy WebLinkAboutOrd 4235 09/04/1990 ORDINANCE NO. 4235
AN ORDINANCE AMENDING ARTICLE VIII OF CHAPTER 8
OF THE VILLAGE CODE RELATIVE TO THE
REAL ESTATE TRANSFER TAX
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 4th day of September , 1990
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
5th day of September , 1990.
DJ/caf
8/29/90
ORDINANCE NO. 4235
A/~ ORDINANCE AMENDING ARTICLE VIII OF CHAPTER 8
OF THE VILLAGE CODE RELATIVE TO REAL ESTATE TRANSFER TAX
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That subsection B of Section 8.802 entitled
"Imposition of Tax" of Chapter 8 of the Village Code of Mount
Prospect, as amended, is hereby further amended to include a rebate
policy for non-residential property; so that hereinafter said
Section 8.802.B shall be and read as follows:
"B. Any person who has paid the Real Estate Transfer Tax at the
three dollars ($3.00) per one thousand dollar ($1,000) rate
shall be entitled to a rebate of two dollars ($2.00) for each
one thousand dollars ($1,000) of the purchase price, providing
proper application has been made to the Village Treasurer and
further provided that the person meets the following criteria:
1. Residential Property
a. The person shall have owned and occupied a single-
family residence, townhouse or condominium unit
within the corporate boundaries of the Village of
Mount Prospect as his principal residence and said
single-family residence, townhouse or condominium
was sold and the Real Estate Transfer Tax was paid
within one year of the date of application for
rebate; and
b. The person purchases and occupies a single-family
residence, towlahouse or condominium within the
Village of Mount Prospect as his principal
residence, for which he has paid the Real Estate
Transfer Tax of three dollars ($3.00) per one
thousand dollars ($1,000), within one year of the
date of selling the previous residence located
within the Village of Mount Prospect; or
2. Non-Residential Property
a. The person shall have owned and operated a duly
licensed business within the corporate boundaries
of the Village of Mount Prospect and the property
on which said business was located was sold; and
b. The person purchases non-residential property and
operates a duly licensed business at said property
within the Village of Mount Prospect, for which the
Real Estate Transfer Tax of three dollars ($3.00)
per one thousand dollars ($1,000) has been paid
within one year of the date of sale of the previous
business property located within the Village of
Mount Prospect.
Within 30 days following the receipt of Application for Rebate
of Real Estate Transfer Tax, as provided herein, the Village
Treasurer shall verify the information provided and if, in
Chapter 8
age 2 of 2
the opinion of the Village Treasurer, the applicable criteria
has been met the Village Treasurer shall cause a warrant to~Se
issued to the person applying for said rebate.
SECTION TWO: That this Ordinance shall be in full force and effect
from and after its passage, approval and publication in pamphlet
form in the manner provided by law.
AYES: Arthur, Busse, Corcoran, Van Geem, Wattenberg
NAYS: None
ABSENT: FI 0r0$
PASSED and APPROVED this 4th day of K~pt~mber , 1990.
Village President
Carol A. Fields
Village Clerk