Current through Register Vol. 48, No. 38, September 20, 2024
a) Prior to June 1, 2004, at the time a deed
or trust document is presented for recordation or registration, a transfer
declaration and supplemental information, if applicable, shall be prepared as
required by the Department in a manner consistent with the requirements of
subsection (c) and submitted to the recorder of deeds or registrar of titles of
the county in which the property is situated, under Section 31-25 of the
Property Tax Code [
35 ILCS
200/31-25] . No transfer declaration or supplemental
information is required to be prepared and submitted to the recorder of deeds
or registrar of titles if the transfer qualifies for an exemption under Section
31-45(a), (b) (but only for transfers in which the Secretary of the U.S.
Department of Veterans Affairs (VA Secretary) is the grantee pursuant to a
foreclosure proceeding), (c), (d), (e), (f), (g), (h), (i), (j), or (l) of the
Property Tax Code, but a notation of exempt status must appear on the face of
the deed or trust document. If the transfer qualifies for an exemption under
Section 31-45(b) (for all transfers except those in which the VA Secretary is
the grantee pursuant to a foreclosure proceeding), (k), or (m) of the Property
Tax Code, a transfer declaration and supplemental information, if applicable,
shall be prepared and submitted to the recorder of deeds or registrar of
titles.
b) On and after June 1,
2004, at the time a deed or document relating to the transfer of a taxable
beneficial interest under Article 31 of the Property Tax Code is presented for
recordation or registration, or within three business days after a transfer is
effected in the event a transferring document is not presented for recordation
or registration, a transfer declaration and supplemental information, if
applicable, shall be prepared as required by the Department in a manner
consistent with the requirements of subsection (c) and submitted to the
recorder or registrar of titles of the county in which the property is
situated, under Section 31-25 of the Property Tax Code. However, preparation of
a second transfer declaration or supplemental information shall not be required
in the event any such unrecorded transferring document is subsequently
presented for recordation or registration unless the transferor cannot prove
prior payment of the tax for the transaction. No transfer declaration or
supplemental information is required to be prepared and submitted to the
recorder of deeds or registrar of titles if the transfer qualifies for an
exemption under Section 31-45(a), (b) (but only for transfers in which the VA
Secretary is the grantee pursuant to a foreclosure proceeding), (c), (d), (e),
(f), (g), (h), (i), (j), or (l) of the Property Tax Code, but a notation of
exempt status must appear on the face of the transferring document. If the
transfer qualifies for an exemption under Section 31-45(b) (for all transfers
except those in which the VA Secretary is the grantee pursuant to a foreclosure
proceeding), (k), or (m) or Section 31-46 of the Property Tax Code, a transfer
declaration and supplemental information, if applicable, shall be prepared and
submitted to the recorder of deeds or registrar of titles.
c) A transfer declaration and supplemental
information shall be prepared using paper versions of forms or
electronically-produced paper versions thereof approved by the Department as
follows:
1) Preparation procedures:
A) Paper versions of forms shall be available
at the office of the recorder of deeds or registrar of titles in every county.
These forms shall be supplied by the Department to the recorder of deeds and
registrar of titles.
B) All
applicable questions on the forms shall be answered completely and the forms
shall be signed by the transferee and transferor, or their agents, and the
preparer.
C) If a transfer
declaration and all supplemental information, if applicable, is not prepared
and submitted, or is prepared and submitted without all applicable questions
being answered completely and the transfer declaration being properly signed,
the recorder of deeds or registrar of titles shall not sell Revenue Stamps or
record or register the transferring document.
2) Transfer declarations:
A) For transfers prior to January 1, 2000, if
a transfer declaration was prepared prior to January 1, 2000, Form No.
PTAX-203, Real Estate Transfer Declaration (a four-page document with a green
first page and with a (R-4/94) designation in the lower left corner of the
first page), or the appropriate predecessor version in effect at the time of
transfer, shall be prepared and submitted.
B) For transfers prior to January 1, 2000, if
a transfer declaration was not prepared prior to January 1, 2000, Form No.
PTAX-203, Illinois Real Estate Transfer Declaration (a white two-page document
with a (R-8/99) designation in the lower left corner of the first page), or the
appropriate succeeding version in effect at the time of transfer, shall be
prepared and submitted.
C) For
transfers on and after January 1, 2000, Form No. PTAX-203, Illinois Real Estate
Transfer Declaration (a white two-page document with a (R-8/99) designation in
the lower left corner of the first page), or the appropriate succeeding version
in effect at the time of transfer, shall be prepared and submitted.
D) If multiple deeds or trust documents are
used to transfer real estate or beneficial interests in real property, a
transfer declaration shall be prepared and submitted for each transferring
document reflecting the particular interest being transferred.
E) If a transfer affects an interest in real
estate that is located in more than one county, separate transfer declarations
shall be prepared and submitted in each county. Each transfer declaration shall
list the prorated full actual consideration for the particular interest in the
real estate being transferred in the county. The proration is to be made in
such a manner so that the total of the prorated full actual consideration
listed on each transfer declaration equals the full actual consideration for
the transfer.
F) If there is an
exchange of real estate, a separate transfer declaration shall be prepared and
submitted for each transferring document.
G) For purposes of this Section, "transfer"
means execution of the transferring document.
3) Supplemental information:
A) For transfers prior to January 1, 2000, if
a transfer declaration was prepared prior to January 1, 2000, "supplemental
information" includes, if applicable, an extended legal description
accompanying Form No. PTAX-203, Real Estate Transfer Declaration (a four-page
document with a green first page and with a (R-4/94) designation in the lower
left corner of the first page), or the appropriate predecessor version in
effect at the time of transfer.
B)
For transfers on and after January 1, 2000 and prior to June 1, 2004 if a
transfer declaration was prepared prior to June 1, 2004, and transfers prior to
January 1, 2000 if a transfer declaration was not prepared prior to January 1,
2000, "supplemental information" includes, if applicable, an extended legal
description, an itemized list of personal property, a finance schedule for
sales occurring during a period in which the Department is required to adjust
sales prices for seller paid points and prevailing cost of cash under Section
17-10 of the Property Tax Code, and Form No. PTAX-203-A, Illinois Real Estate
Transfer Declaration Supplemental Form A. Supplemental information shall
accompany Form No. PTAX-203, Illinois Real Estate Transfer Declaration (a white
two-page document with a (R-8/99) designation in the lower left corner of the
first page), or the appropriate succeeding version in effect at the time of
transfer.
C) For transfers on and
after June 1, 2004, and transfers on and after January 1, 2000 and prior to
June 1, 2004 if a transfer declaration was not prepared prior to June 1, 2004,
"supplemental information" includes, if applicable, an extended legal
description, an itemized list of personal property, a finance schedule for
sales occurring during a period in which the Department is required to adjust
sales prices for seller paid points and prevailing cost of cash under Section
17-10 of the Property Tax Code, Form No. PTAX-203-A, Illinois Real Estate
Transfer Declaration Supplemental Form A, and Form No. PTAX-203-B, Illinois
Real Estate Transfer Declaration Supplemental Form B. Supplemental information
shall accompany Form No. PTAX-203, Illinois Real Estate Transfer Declaration (a
white two-page document with a (R-7/00) designation in the lower left corner of
the first page), or the appropriate succeeding version in effect at the time of
transfer.
D) Form No. PTAX-203-A,
Illinois Real Estate Transfer Declaration Supplemental Form A (a white one-page
document with a (N-9/99) designation in the lower left corner of the first
page), or the appropriate succeeding version in effect at the time of transfer,
shall be prepared and submitted if the transfer involves nonresidential
property for which the full actual consideration is over $1 million. In this
context only, nonresidential property includes all property except: vacant land
or lots, residences and apartment buildings of 6 units or fewer (e.g., single
family, condominium, townhome, or duplex), mobile home residences, and
farmland.
E) Form No. PTAX-203-B,
Illinois Real Estate Transfer Declaration Supplemental Form B (a white one-page
document with a (N-5/04) designation in the lower left corner of the first
page), or the appropriate succeeding version in effect at the time of transfer,
shall be prepared and submitted if the transfer involves the lessee interest in
a ground lease (including any interest of the lessee in the related
improvements) that provides for a term of 30 or more years when all options to
renew or extend are included, whether or not any portion of the term has
expired, or the indirect interest in real property as reflected by a
controlling interest in a real estate entity, or any other type of interest
with the right to use or occupy real property or the right to receive income
from real property under Section
120.20(a)(2)(D).
4) Electronically-produced forms:
A) For transfers on and after January 1,
2000, electronically-produced versions of forms may be prepared on the internet
Web site of the Department and printed on the preparer's printer. Forms
submitted to the recorder of deeds or registrar of titles using this technology
must conform to the content, edit, format, and reproduction specifications of
the Department.
B) For transfers on
and after January 1, 2000, electronically-produced versions of forms may be
prepared from other software programs for which the Department has tested and
approved the output and printed on the preparer's printer. Forms submitted to
the recorder of deeds or registrar of titles using this technology for which
the Department has tested and approved the output must conform to the content,
edit, format, and reproduction specifications of the Department.
Electronically-produced versions of forms shall not be submitted to the
recorder of deeds or registrar of titles if, without prior written approval of
the Department, the software programs used to produce the forms have been
revised in any manner since the time the Department tested and approved the
output.
d)
Forms for the transfer declaration and supplemental information, as well as
specifications and output testing requirements for electronically-produced
versions, may be revised by the Department in its discretion.
e) The Department may enter into a written
agreement with the governing authority of a county to authorize the chief
county assessment officer to electronically transmit data from the transfer
declarations and supplemental information, if applicable, to the Department as
required by Sections 31-30 and 31-70 of the Property Tax Code. Entry into such
an agreement by the Department is contingent upon the use of compatible
computer transmission methods and software by a county, the accuracy of the
formatted electronic data from the transfer declarations and any supplemental
information, and the adequacy of resources at the Department. The chief county
assessment officer shall continue to submit the paper versions of the transfer
declarations and any supplemental information until such time as the Department
determines in its discretion that submission in this manner is no longer
necessary.
f) Recorders of deeds or
registrars of titles using an electronic Revenue Stamp or alternative indicia
using the Department of Revenue's electronic reporting system or an approved
interface with the Department of Revenue shall file a return generated by the
Department of Revenue's electronic reporting system or an approved interface
with the Department of Revenue. This return is to be filed and paid via ACH
credit with the Department of Revenue on or before the
10th day of the month following the month in which
the tax was required to be collected.
1) The
return shall be generated from the Department of Revenue's electronic reporting
system and/or through the approved interface with a recorder of deeds' or
registrar of titles' electronic software system and shall include the following
detail: county name; account ID; license number; declaration IDs; stamp serial
numbers; and stamp values.
2) The
recorder of deeds or registrar of titles shall work with personnel within the
county to produce a parcel identification number file and shall provide it to
the Department of Revenue in the required file layout. The detail contained
within the parcel identification number file is used in the process to validate
that an electronic Revenue Stamp is properly issued.
3) When the recorder of deeds or registrar of
titles interfaces with the Department of Revenue's electronic reporting system
utilizing a software system, the following detail is to be provided: the parcel
identification number of the property being transferred in the real estate
sales transaction; the document number used to record the real estate sales
transaction; and the net consideration that was received by the seller in the
real estate sales transaction.
