HomeMy WebLinkAboutOrd 4777 02/20/1996 ORDINANCE NO. 4777
AN ORDINANCE AMENDING ARTICLE VIII ENTITLED
'REAL ESTATE TRANSFER TAX' OF CHAPTER 8
OF THE VILLAGE CODE OF MOUNT PROSPECT
Passed and approved by
the President and Board of Trustees
the 20th day of February ,1996
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
20th day of February , 1996.
CAF/
2115/96
ORDINANCE NO. 4777
AN ORDINANCE AMENDING ARTICLE VIII ENTITLED "REAL ESTATE
TRANSFER TAX" 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.B of Chapter 8 of the Village Code, as amended,
is hereby further amended in its entirety by substituting the following to increase the
period of time a property owner would be eligible for a rebate from one year to two
years; so that hereafter Section 8.801.B shall be and read as follows:
" Any person who has paid the real estate transfer tax at the Three Dollar ($3.00)
per One Thousand Dollar ($1,000.00) rate shall be entitled to a rebate of Two
Dollars ($2.00) for each One Thousand Dollars ($1,000.00) of the purchase
pdce, 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 as his/her principal residence and said
single-family residence, townhousa or condominium was sold
within two years of the date of application for rebate; and
b. The person purchases and occupies a single-family rasidenca,
townhouse or condominium within the Village as his principal
residence, for which he has paid the real estate transfer tax of
Three Dollars ($3.00) per One Thousand Dollars ($1,000.00),
within two years of the date of selling the previous residence
located within the village; or
2. Non-Residential Property.
a. The person shall have owned and operated a duly licensed
business within the corporate boundaries of the Village and the
property one which said business was located was sold; and
b. The person purchases non-residential property and operates a
duly licensed business at said property win the Village, for which
the real estate transfer tax of Three Dollars ($3.00) per One
Thousand Dollars ($1,000.00) has been paid within two years of
the date of sale of the previous business property located within
the Village.
Within thirty (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."
~ That Se~ion 8,818 entitled "Payment of Delinquent Water and
Sewer Charges" of Chapter 8 of the Village Code, as amended, is hereby further
eal Estate Transfer Tax
Page 2 of 2
amended in its entirety by substituting the following to include any delinquent amounts
owed to the Village; so that hereafter Section 8.818 shall be and read as follows:
" Sec, 8.818, Payment of Delinquent Charges,
The Director of Finance shall not issue any real estate transfer tax stamps
unless verification is made that any delinquent charges, including, but not
limited to, water and/or sewer charges, garbage collections charges, as well as
any penalties if applicable~ are paid in full. "
SECTION THREE: 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: Clowes, Hendricks, Hoefert, Skowron, Wilks
NAYS: None
ABSENT: None
PASSED and APPROVED this 20th day of February ,1996.
ATTEST:
Carol A. Fields
Village Clerk