IL HB5486

Increases individual homestead exemption from $15,000 to $150,000 for real property occupied as a residence, including farms, lots, condominiums, and cooperative housing.

Raises the combined homestead exemption limit from $30,000 to $200,000 when 2 or more individuals own property jointly, with each owner's exemption capped at their proportionate ownership share.

Homestead property remains exempt from attachment, judgment liens, levies, and judgment sales for payment of debts.

Takes effect immediately upon becoming law.