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 Wheaton
 Code of Ordinances
 Chapter 66. TAXATION
 Article VII. REAL ESTATE TRANSFER TAX

  § 66-190. Exemptions.  

Latest version.

  • (a)

    The following shall be exempt from the tax levied by this article:

    (1)

    Deeds or trust documents which secure debt or other obligations.

    (2)

    Deeds or trust documents which, without additional consideration, confirm, correct, modify, or supplement a deed previously recorded.

    (3)

    Deeds or trust documents where the actual consideration is less than $100.00.

    (4)

    Tax deeds.

    (5)

    Deeds or trust documents of release of property which is security for a debt or other obligation.

    (6)

    Deeds of partition.

    (7)

    Deeds or trust documents made pursuant to mergers, consolidations, or transfers or sales of substantially all of the assets of corporations pursuant to plans of reorganization.

    (8)

    Deeds or trust documents made by a subsidiary corporation to its parent corporation for no consideration other than the cancellation or surrender of the subsidiary's stock.

    (9)

    Deeds wherein there is an actual exchange of real estate and trust documents wherein there is an actual exchange of beneficial interests, except that the money difference or money's worth paid from one to the other shall not be exempt from the tax.

    (10)

    Deeds representing transfers subject to the imposition of a documentary stamp tax imposed by the government of the United States, except that such deeds shall not be exempt from filing the declaration.

    (11)

    Deeds or trust documents involving real estate acquired by or from any governmental body. For purposes of this subsection, the term "governmental body" shall include any body politic or municipal corporation defined in state statutes as well as any branch of the federal government but shall exclude non-Illinois and non-federal governmental bodies. Governmental bodies shall also exclude pension funds which purchase or sell real property within the city where such property is held in whole or in part for investment purposes.

    (b)

    Every deed or trust document which is tax exempt pursuant to this section shall be presented to the director of finance so as to be appropriately marked by the director to be eligible for recordation without payment of the tax. The deed or trust document, and any and all other documents reasonably necessary to determine the qualification of the deed or trust document for exemption shall be presented to the director of finance who shall have ten business days from the presentation of the documents to determine exemption eligibility. It shall be the applicant's burden to submit adequate documentation. Any party desiring to close a real property transaction prior to the director of finance's determination of exemption eligibility shall pay the tax imposed by this section pending the director of finance's final determination. There shall also be filed with the director a verified certificate setting forth the facts which justify the exemption executed on behalf of the grantor or grantee on a form provided for by the director. An administrative fee of $25.00 shall be due for each exempt stamp.

(Code 1968, § 23-49; Code 1996, § 66-190; Ord. No. F-0842, §§ 1, 2, 9-15-2003)