What is the homestead exemption amount an individual is entitled to in Illinois?

The homestead exemption amount an individual is entitled to in Illinois is indeed $15,000. This exemption is significant as it provides homeowners with a reduction in the value of their property for tax purposes, which in turn decreases their overall property tax bill. The homestead exemption is designed to alleviate some of the financial burdens associated with homeownership, making it easier for residents to maintain their homes and stay in their communities.

Understanding the importance of the homestead exemption underscores its role in supporting homeowners, especially during times of economic hardship. While there are lower exemption amounts mentioned in the other choices, they do not reflect the standard exemption available to most homeowners under Illinois law.