IL SB3227

Non-home rule municipalities may impose or increase a real estate transfer tax on the transfer of title to real estate, beneficial interests in real property, and controlling interests in real estate entities.

Municipal authorities must hold a public hearing with notice published 10-30 days before the hearing in a newspaper of general circulation, using a specified notice format that includes the proposed tax rate and current rate.

A copy of the proposed ordinance must be made available for public inspection before the hearing, and residents may present testimony within reasonable time limits determined by the municipality.

Imposing or increasing a real estate transfer tax requires prior approval by referendum, with specific ballot language required for new taxes and tax increases.

Existing real estate transfer tax ordinances may be amended without referendum approval if the amendment does not increase the tax rate or expand the transactions subject to the tax.