Amendment to Illinois Property Tax Code
Pertaining to the Illinois Transfer Declaration
A recent amendment passed by both the Illinois House and Senate is awaiting the governors signature. The amendment changes the required information on the Illinois Transfer Declaration, and requires a verification to be included with the declaration. The portion of the legislation dealing with the transfer declaration begins at Section 31-25. A late Senate modification to the original House bill restored the provision excluding from the real estate transfer tax the outstanding mortgage stated in the deed or trust document. If signed, the effective date will be January 1, 2000. For the full text of the legislation, click on:

www.legis.state.il.us/legisnet/legisnet91/hbgroups/hb/910hb1778lv.html