Q: what is the homestead exemption in illinois if there is 4 names on the deed? I know illinois allows $15,000 for single
what is the homestead exemption in illinois if there is 4 names on the deed? I know illinois allows $15,000 for single and $30,000 for married, but it doesnt really specify for too much of anything else
A: 735 ILCS 5/12-901 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 $30,000 based upon percentage of ownership." This Section further provides that it" is not applicable between joint tenants or tenants in common but it is applicable as to any creditors of those persons." The Illinois homestead exemption is a complex concept and and various facts may affect its application. You should consult an attorney to explain the particular facts of your situation to determine whether the Illinois exemption applies to your situation.
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