PROP TAX-TRANSFER TAX INCREASE

Amends the Real Estate Transfer Tax Law in the Property Tax Code. Provides that, if the value stated in the transfer declaration is more then $250,000, then an additional tax is imposed on the privilege of transferring title to real estate located in Illinois, on the privilege of transferring a beneficial interest in real property located in Illinois, and on the privilege of transferring a controlling interest in a real estate entity owning property located in Illinois, at the rate of 50¢ for each $500 of the entire value or fraction of $500 stated in the transfer declaration (current tax is 50¢ for each $500 of value or fraction of $500). Provides that, of the moneys collected from the additional tax, 70% shall be deposited into the Open Space Lands Acquisition and Development Fund and 30% into the Natural Areas Acquisition Fund (of the current tax, 35% is deposited into the Open Space Lands Acquisition and Development Fund and 15% into the Natural Areas Acquisition Fund).