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Homestead Exemption Laws in Illinois

Illinois protects up to $50,000 of homestead value per individual from January 1, 2026, with co-owners limited to their share of $100,000, and no acreage limit.

Last checked . General information, not legal advice.

Illinois at a glance

Exemption amount
$50,000 per person
From January 1, 2026 (P.A. 104-120). Co-owners share up to $100,000 by ownership percentage.
Unlimited in value
No
Acreage limit
No acreage limit
Covers a farm or lot of land and buildings, a condominium, or a cooperative used as a residence.

Sources

Last checked

The rules in Illinois

How much home equity does the homestead exemption protect in Illinois?

Exemption amount in Illinois: $50,000 per person. From January 1, 2026 (P.A. 104-120). Co-owners share up to $100,000 by ownership percentage.

Is the homestead exemption unlimited in value in Illinois?

No. Unlimited in value in Illinois: no.

Is there an acreage limit on the homestead exemption in Illinois?

Acreage limit in Illinois: No acreage limit. Covers a farm or lot of land and buildings, a condominium, or a cooperative used as a residence.

Where do the Illinois homestead exemption laws come from?

The rules above come from 735 ILCS 5/12-901. Each source is linked on this page. We last checked them in October 2026.

Good to know

Public Act 104-120 raised the amount, effective January 1, 2026.

What this means in practice

The exemption applies to equity, not to the full value of the home. Equity is the market value minus the mortgages and other liens on the property. A lender that holds a mortgage on the home, and certain other claims such as taxes on the property, can usually still be enforced against it regardless of the exemption.

Check whether you need to take a step to claim the protection. Some states protect a home automatically once it is your residence, while others require you to record a homestead declaration with the county or to claim the exemption in court when a creditor tries to collect.

In bankruptcy, federal law can limit a state homestead exemption for a home bought within a set period before the filing, and residency rules decide which state's exemptions apply if you moved recently. Some states also let filers choose the federal bankruptcy exemptions instead of the state list. A bankruptcy attorney can confirm which rules apply to your situation.

General information, not legal advice. Laws change, and cities can add their own rules, so check the current statute before you rely on it.