|
|
|
|
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB0178
Introduced 1/11/2005, by Rep. Robert W. Churchill SYNOPSIS AS INTRODUCED:
|
|
735 ILCS 5/12-901 |
from Ch. 110, par. 12-901 |
|
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.
|
| |
|
|
| FISCAL NOTE ACT MAY APPLY | |
|
|
|
A BILL FOR
|
|
|
|
|
HB0178 |
|
LRB094 03502 LCB 33505 b |
|
|
| 1 |
| AN ACT concerning civil procedure.
|
| 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 $100,000
$7,500
|
| 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.
|
| 21 |
| If 2 or more individuals own property that is exempt as a |
| 22 |
| homestead, the
value of the exemption of each individual may |
| 23 |
| not exceed his or her
proportionate share of $200,000
$15,000
|
| 24 |
| based upon percentage of ownership.
|
| 25 |
| (Source: P.A. 88-672, eff. 12-14-94.)
|
| 26 |
| Section 99. Effective date. This Act takes effect upon |
| 27 |
| becoming law.
|