Bulletin: IL2014001

Dear Associates:

The Illinois Department of Revenue has released the following Property Tax Notice:

The Illinois Department of Revenue (IDOR) is providing a new application, called MyDec, to electronically file real property transfer tax declarations and to print revenue stamps at our website at tax.illinois.gov. MyDec will replace the EZ Dec application currently used in Cook County and the city of Chicago by individuals, law firms and settlement agencies. The main functions of EZ Dec – city, county, and state forms handling for the recording process – will be available in MyDec, as well as some enhanced features. See below.

Cook County and the city of Chicago will be the pilot users, but soon, the MyDec application will be available to every county in Illinois.

All users in other counties should continue to follow their current process for real property transfer tax declarations and revenue stamps until they transition into the MyDec system.

Important information about the transition from EZ Dec to MyDec.

• Access to EZ Dec will be limited for all users (except authorized settlement agencies) at2 p.m. on Thursday, June 12, 2014. Authorized settlement agencies may reenter the system (read only) at 3 p.m. to view final reports and initiate payments for stamps purchased during the day.
• Declarations that were fully submitted for closing prior to that time will be converted into MyDec. Any declarations not submitted (“open” or “inactive” status in EZ Dec) before 2 p.m. on Thursday, June 12, 2014, will not be converted and will not be retrievable in the new system. Review your accounts ahead of the scheduled transition date and time to verify that your declarations are either in “Submit for Closing” or “Accepted” status if you want to retain access to them. Declarations left in an “Open” or “Inactive” status will have to be recreated in MyDec after conversion.
• You must create a new MyDec account login – we will not convert your existing login information. However, you will be asked for your EZ Dec Account ID so that we can match your converted declarations with your new MyDec account.
• MyDec will not be available until Monday, June 16, 2014. This means that any declarations for closings scheduled between Thursday, June 12, 2014 at 2 p.m. and Monday, June 16, 2014, must be done on paper forms for the city and county.

MyDec allows you to:

• Electronically submit
  • City of Chicago Form 7551 – Real Property Transfer Tax Declaration
  • Cook County Real Property Transfer Declaration
  • State of Illinois Forms PTAX 203, 203-A, and 203-B.
• Accept, change, or close declarations.
• Authorized settlement agencies can print stamps.
• View messages related to declarations.

Updates regarding the new MyDec application can be found here(http://tax.illinois.gov/LocalGovernment/PropertyTax/?utm_source=IRELA+EZ+Dec+Phase-out+-+June+3%2C+2014&utm_campaign=IRELA+March+31+2014+Three+Things&utm_medium=email)as they become available. Look for Informational Bulletin FY 2014-15 the first week of June.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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