Under Illinois law, which statement is TRUE regarding county-level real estate transfer taxes?
Correct Answer
B) Cook County is the only county statutorily authorized to impose its own transfer tax
Under the Illinois Real Estate Transfer Tax Act (35 ILCS 200/31-1 et seq.), Cook County is specifically granted statutory authority to impose a county-level real estate transfer tax. Other counties do not have the same broad grant of authority, making Cook County the primary county-level taxing body for this purpose in Illinois practice.
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