HomeMy WebLinkAboutOrd 4172 04/17/1990 ORDINANCE NO. 4172
AN ORDINANCE AMENDING ARTICLE VIII OF CHAPTER
OF THE VILLAGE CODE OF'MOUNT PROSPECT
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the .~Tth. day of April , 1990
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
~Sth day of ~1~, 1990.
CAF/
4/12/90
ORDINANCE NO.
AN ORDINANCE AMENDING ARTICLE VIII OF CHAPTER 8
OF THE VILLAGE CODE OF MOUNT PROSPECT
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That Section 8.802 entitled "Imposition of Tax" of
Chapter 8 of the Village Code of Mount Prospect, as a~ended, is
hereby further amended in its entirety by increasing the real
estate transfer tax imposed from one dollar ($1.00) for every one
thousand dollars ($1,000) value to three dollars ($3.00) for every
one thousand dollars ($1,000) value for any transaction on or after
May 1, 1990, and providing for a rebate of the tax paid of two
dollars ($2.00) for every one thousand dollars ($1,000) value for
a single-family residence, townhouse or condominium propertyowner
relocating and purchasing similar property within the Village; so
that hereinafter said Section 8.802 of ChaPter 8 shall be and read
as follows:
" Sec. 8.802. Imposition of Tax; Application for Rebate.
A. ~A tax shall be imposed on the transfer of title to real
property located in the Village as evidenced by the
recordation of a deed by any person or by the delivery
of any deed or assignment of interest of said real
property, made as of the first day of November, 1987, and
thereafter, whether vesting the owner with the beneficial
interest in or legal title to said property or merely the
possession or use thereof for any purpose or to secure
future payment of money or the future transfer of any
such real property.
The tax imposed for any transaction entered into between
November 1, 1987 and through April 30, 1990 shall be one
dollar ($1.00) for every one thousand dollars ($1,000.00)
value or fraction thereof as stated in the declaration.
The tax imposed for any transaction entered into on or
after May 1, 1990 shall be three dollars ($3.00) for
every one thousand dollars ($1,000.00) value or fraction
thereof as stated in the declaration.
The term "deed" as used in this Article shall mean all
documents transferring or reflecting the transfer of
legal title, equitable title, or both legal and equitable
title to real property, or the beneficial interest in a
land trust. Delivery of any deed shall be deemed to have
occurred when the transferee or purchaser, or his
representative or agent, receives possession of the deed
or in the case of a land trust when the trustee receives
possession of a valid assignment of a beneficial
interest.
.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 individual meets the following criteria:
1. The person shall have owned and occupied a single-
eal Estate Transfer Tax
April 12, 1990
Page 2 of 2
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
2. The person purchases and occupies a single-family
residence, townhouse 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.
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 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, Farley
NAYS: Floros, Wattenberg
ABSENt: None
PASSED and APPROVED this 17th day of April , 1990.
ATTEST:
Carol A. Fields
Village Clerk