State of Illinois
Department of Revenue
Statement of Exemption under Real Estate Transfer Tax Act
(a)
Deeds
representing real estate transfers made before January 1, 1968, but
recorded after that date and trust documents executed before January
1, 1986, but recorded after that date.
(b)
Deeds to or trust
documents relating to (1) property acquired by any governmental body
or from any governmental body, (2) property or interests transferred
between governmental bodies, or (3) property acquired by or from any
corporation, society, association, foundation or institution
organized and operated exclusively for charitable, religious or
educational purposes.
However, deeds or trust documents, other than those in which the
Administrator of Veterans’ Affairs of the United States is the
grantee pursuant to a foreclosure proceeding, shall not be exempt
from filing the declaration.
(c)
Deeds or trust
documents that secure debt or other obligation.
(d)
Deeds or trust
documents that, without additional consideration, confirm, correct,
modify, or supplement a deed or trust document previously recorded.
(e)
Deeds or trust
documents where the actual consideration is less than $100.
(f)
Tax deeds.
(g)
Deeds or trust
documents that release property that is security for a debt or other
obligation.
(h)
Deeds of
partition.
(i)
Deeds or trust
documents made pursuant to mergers, consolidations or transfers or
sales of substantially all of the assets of corporations under plans
of reorganization under the Federal Internal Revenue Code or Title
11 of the Federal Bankruptcy Act.
(j)
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.
(k)
Deeds when there
is an actual exchange of real estate and trust documents when there
is an actual exchange of beneficial interests, except that that
money difference or money’s worth paid from one to the other is not
exempt from the tax.
These deeds or trust documents, however, shall not be exempt from
filing the declaration.
(l)
Deeds issued to a
holder of a mortgage, as defined in Section 15-103 of the Code of
Civil Procedure, pursuant to a mortgage foreclosure proceeding or
pursuant to a transfer in lieu of foreclosure.
(m)
A deed or trust
document related to the purchase of a principal residence by a
participant in the program authorized by the Home Ownership Made
Easy Act, except that those deeds and trust documents shall not be
exempt from filing the declaration.
(Source: P.A. 91-555, eff. 1-1-00.)