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PROPOSED ORDINANCE AMENDMENT
COOK COUNTY REAL PROPERTY TRANSFER TAX ORDINANCE
BE IT ORDAINED, by the Cook County Board of Commissioners, that Chapter 74, Taxation, Article III, Real Estate Transfer Tax, Section 74-100 through 74-113of the Cook County Code is hereby amended as Follows:
Sec. 74-100. Short title.
This article shall be known and may be cited as the Cook County Real Property Transfer Tax Ordinance.
Sec. 74-101. Definitions.
The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:
Affix (or affixed, affixing) shall mean physically or electronically indicated.
Beneficial interest in real property includes, but is not limited to:
(1) The beneficial interest in an Illinois land trust;
(2) The lessee interest in a ground lease (including any interest of 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
Controlling interest means:
(1) Fifty percent or more of the combined voting power or fair market value of all ownership interests or beneficial interests in a real estate entity, whether the interests are owned by one or by several persons; or
(2) The right of one or of several persons to receive at the time of any distribution 50 percent or more of the income or profits of a real estate entity.
Real Estate entity means any person (other than an Illinois land trust) including, but not limited to, any partnership, corporation, limited liability company, trust, single or multi-tiered entity, or any other entity that exists or acts substantially for the purpose of holding, directly or indirectly, title to or beneficial interest in real property whether for personal use, the production of rental income, or investment. It shall be presumed, unless proven othe...
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