|
| | 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.
|
| |
| | A BILL FOR |
|
|
| | HB5486 | | LRB100 20528 HEP 35913 b |
|
|
| 1 | | AN ACT concerning civil law.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Code of Civil Procedure is amended by |
| 5 | | changing 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 |
| 8 | | estate of
homestead to the extent in value of $150,000 $15,000 |
| 9 | | of his or her
interest in
a farm or lot of land and
buildings |
| 10 | | thereon, a condominium, or personal property,
owned or rightly |
| 11 | | possessed by lease or otherwise
and occupied by him or her as a |
| 12 | | residence, or in a cooperative that owns
property that the |
| 13 | | individual uses as a residence. That
homestead and all
right in |
| 14 | | and title to that homestead is exempt from
attachment, |
| 15 | | judgment, levy,
or judgment sale for the payment of his or her |
| 16 | | debts or other purposes and
from the laws of conveyance, |
| 17 | | descent, and legacy, except as provided in this
Code or in |
| 18 | | Section 20-6 of
the Probate Act of
1975. This
Section is not
|
| 19 | | applicable
between joint tenants or tenants in common but it is |
| 20 | | applicable as to any
creditors of those persons.
If 2 or more |
| 21 | | individuals own property that is exempt as a homestead, the
|
| 22 | | value of the exemption of each individual may not exceed his or |
| 23 | | her
proportionate share of $200,000 $30,000 based upon |
Translate
