Property Ownership
An Illinois homestead exemption protects a homeowner by:
ACompletely preventing the forced sale of the family home
BExempting a portion of the home's value from judgment creditors (up to $15,000)✓ Correct
CReducing property taxes by 50% for owner-occupants
DPreventing the property from being used as collateral for a mortgage
Explanation
Illinois provides a homestead exemption that protects up to $15,000 of equity in a primary residence from the claims of certain judgment creditors. (For two or more owners, it may be up to $30,000 total.) Note this is the judgment protection exemption—there is also a general homestead exemption for property tax purposes which reduces assessed value.
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