What is the value threshold for property to be considered felony theft?

In Illinois, the value threshold for property to be classified as felony theft is established by law, specifically indicating that the value must exceed $500. This means that if the stolen property is valued at more than $500, the offense is generally prosecuted as a felony, which carries harsher penalties compared to misdemeanor theft.

Understanding this threshold is crucial for law enforcement officers as they assess theft cases and determine the level of charges to file. The penalties for felony theft can include imprisonment and substantial fines, reflecting the legal system's response to theft of property valued above this threshold. This higher threshold serves to differentiate more serious offenses from minor incidents of theft, where property values fall below this amount, which are typically treated as misdemeanors.