100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5486

 

Introduced , by Rep. Will Guzzardi

 

SYNOPSIS AS INTRODUCED:
 
735 ILCS 5/12-901  from Ch. 110, par. 12-901

    Amends the Code of Civil Procedure. Provides that every individual is entitled to an estate of homestead to the extent in value of $150,000 (instead of $15,000) of his or her interest in real property occupied by him or her as a residence. Provides that if 2 or more individuals own property that is exempt as a homestead, the value of the exemption of each individual may not exceed his or her proportionate share of $200,000 (instead of $30,000) based upon percentage of ownership. Effective immediately.


LRB100 20528 HEP 35913 b

 

 

A BILL FOR

 

HB5486LRB100 20528 HEP 35913 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Code of Civil Procedure is amended by
5changing Section 12-901 as follows:
 
6    (735 ILCS 5/12-901)   (from Ch. 110, par. 12-901)
7    Sec. 12-901. Amount. Every individual is entitled to an
8estate of homestead to the extent in value of $150,000 $15,000
9of his or her interest in a farm or lot of land and buildings
10thereon, a condominium, or personal property, owned or rightly
11possessed by lease or otherwise and occupied by him or her as a
12residence, or in a cooperative that owns property that the
13individual uses as a residence. That homestead and all right in
14and title to that homestead is exempt from attachment,
15judgment, levy, or judgment sale for the payment of his or her
16debts or other purposes and from the laws of conveyance,
17descent, and legacy, except as provided in this Code or in
18Section 20-6 of the Probate Act of 1975. This Section is not
19applicable between joint tenants or tenants in common but it is
20applicable as to any creditors of those persons. If 2 or more
21individuals own property that is exempt as a homestead, the
22value of the exemption of each individual may not exceed his or
23her proportionate share of $200,000 $30,000 based upon

 

 

HB5486- 2 -LRB100 20528 HEP 35913 b

1percentage of ownership.
2(Source: P.A. 94-293, eff. 1-1-06.)
 
3    Section 99. Effective date. This Act takes effect upon
4becoming law.