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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB0178
Introduced 1/11/2005, by Rep. Robert W. Churchill SYNOPSIS AS INTRODUCED:
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735 ILCS 5/12-901 |
from Ch. 110, par. 12-901 |
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Amends the Code of Civil Procedure. Increases the amount of the homestead exemption from $7,500 to $100,000. 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 $15,000) based upon percentage of ownership. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB0178 |
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LRB094 03502 LCB 33505 b |
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| AN ACT concerning civil procedure.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Code of Civil Procedure is amended by |
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| changing Section 12-901 as follows:
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| (735 ILCS 5/12-901) (from Ch. 110, par. 12-901)
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| Sec. 12-901. Amount. Every individual
is entitled to an |
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| estate of
homestead to the extent in value of $100,000
$7,500
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| of his or her interest in
a farm or lot of land and
buildings |
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| thereon, a condominium, or personal property,
owned or rightly |
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| possessed by lease or otherwise
and occupied by him or her as a |
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| residence, or in a cooperative that owns
property that the |
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| individual uses as a residence. That
homestead and all
right in |
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| and title to that homestead is exempt from
attachment, |
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| judgment, levy,
or judgment sale for the payment of his or her |
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| debts or other purposes and
from the laws of conveyance, |
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| descent, and legacy, except as provided in this Code or in |
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| Section 20-6 of
the Probate Act of
1975. This Section is not |
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| applicable
between joint tenants or tenants in common but it is |
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| applicable as to any
creditors of those persons.
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| If 2 or more individuals own property that is exempt as a |
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| homestead, the
value of the exemption of each individual may |
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| not exceed his or her
proportionate share of $200,000
$15,000
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| based upon percentage of ownership.
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| (Source: P.A. 88-672, eff. 12-14-94.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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