Illinois Homestead Laws
Homestead laws are designed to prevent homeowners from becoming homeless as a result of economic hardship. Under certain conditions, these laws allow individuals to register a parcel of real property as a "homestead," and thus off limits to creditors. Illinois homestead laws allow people to claim as much as $15,000 worth of property (or $30,000, if jointly owned) as a homestead.
The basic provisions of Illinois homestead laws can be found in the table below. See FindLaw's Land Use Laws section for articles on related topics.
|Code Section||735 ILCS 5/12-901|
|Max. Property Value That May Be Designated 'Homestead'||$15,000; if 2 or more own property, value of each proportional exemption can't exceed a total of $30,000|
|Maximum Acreage (Urban)||-|
|Maximum Acreage (Rural)||-|
Note: State laws are constantly changing -- contact an Illinois real estate attorney or conduct your own legal research to verify the state law(s) you are researching.
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