Illinois General Assembly - Illinois Compiled Statutes

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735 ILCS 5/12-901

(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 $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 $30,000 based upon percentage of
ownership.

(Source: P.A. 94-293, eff. 1-1-06.)