Cumberland Municipal Court. Cumberland Municipal Court is held on the 3rd Wednesday of the month starting at 1:00 pm with the Honorable Katherine Ault presiding. COURT DATE: The Date on your citation is the date in which your citation will process through the Court. This Date is your opportunity to enter a plea to the charge.
Real Property Transfer Tax (7551) In addition, a supplemental tax at the rate of $1.50 per $500.00 of the transfer price, or fraction thereof, shall be imposed on transfers taking place on or after April 1, 2008, for the purpose of providing financial assistance to the Chicago Transit Authority (âCTAâ).
Transfers of real estate from one sibling to another generally are not taxable for federal or state income tax purposes unless consideration is paid. A no-consideration conveyance constitutes a gift. If the value of the gift exceeds $11,000, a gift tax return should be filed by the donor. Such a gift could have estate and gift tax consequences, particularly if the donor's estate exceeds $1 million. Your tax adviser should be consulted if you are planning to give away property of substantial value.