HomeMy WebLinkAboutOrd 4555 05/18/1993 ORDINANCE NO. .4555
AN ORDINANCE TO AMEND ARTICLE VIII ENTITLED
"REAL ESTATE TRANSFER TAX" OF CHAPTER 8 OF THE
VIT,LAGE CODE OF MOUNT PROSPECT, ILLINOIS
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 18th day of May .... , 1993
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
..19th day of May .. , 1993.
Ordinance No. 4 5 5 5
AN ORDINANCE TO AMEND ARTICLE VIII ENTITLED
"REAL ESTATE TRANSFER TAX" OF CHAPTER 8 OF THE
VILLAGE CODE OF MOUNT PROSPECT, ILLINOIS
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF
MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: Article VIII entitled "Real Estate Transfer Tax" of Chapter 8 of the Village Code
is amended; so that hereinafter said Article VIII, the first paragraph of Subsection 8.802 shall read
as follows:
"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 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 rifle to said property or merely the possession and use thereof for any purpose or
to secure future payment of money on the future transfer of any such real property."
SECTION TWO: Article VIII entitled "Real Estate Transfer Tax" of Chapter 8 of the Village Code
is amended; so that hereinafter said Article VIII, the third paragraph of Subsection 8.802 shall read
as follows:
The term "deed" as used in this Article shall mean all documents transferring or reflecting the
transfer of legal rifle, equitable rifle, or both legal and equitable title to real property, or the
beneficial interest in a land trust.
SECTION THREE: Article VIII entitled "Real Estate Transfer Tax" of Chapter 8 of the Village Code
is amended; so that hereinafter said Article VIII, Subsection 8.802.B. 1.a shall read as follows:
"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/her
principal residence and said single-family residence, townhouse or condominium was sold
within one year of the date of application for rebate: and"
SECTION FOUR: This ordinance shall be in full force and effect following its passage, approval,
and publication in pamphlet form in accordance with law.
PASSED and APPROVED this 18th day of May ,1993.
AYES: Clowes, Hendricks, Hoefert, Skowron, Wilks
NAYS: None
ABSENT: Corcoran
~ - Village l~reside~
ATTEST:
Village Clerk