Bill Text: IL HB5486 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB5486 Detail]

Download: Illinois-2017-HB5486-Introduced.html

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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.
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A BILL FOR
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AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Code of Civil Procedure is amended by
changing Section 12-901 as follows:
(735 ILCS 5/12-901) (from Ch. 110, par. 12-901)
Sec. 12-901. Amount. Every individual is entitled to an
estate of homestead to the extent in value of $150,000 $15,000
of his or her interest in a farm or lot of land and buildings
thereon, a condominium, or personal property, owned or rightly
possessed by lease or otherwise and occupied by him or her as a
residence, or in a cooperative that owns property that the
individual uses as a residence. That homestead and all right in
and title to that homestead is exempt from attachment,
judgment, levy, or judgment sale for the payment of his or her
debts or other purposes and from the laws of conveyance,
descent, and legacy, except as provided in this Code or in
Section 20-6 of the Probate Act of 1975. This Section is not
applicable between joint tenants or tenants in common but it is
applicable as to any creditors of those persons. 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 $30,000 based upon

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