Which property owners in Illinois are totally exempt from paying general real estate taxes?

While senior citizens in Illinois may benefit from certain property tax exemptions or reductions, they are not entirely exempt from paying general real estate taxes. Instead, they may qualify for programs like the General Homestead Exemption, which provides a reduction in taxable value rather than a total exemption.

Lending institutions, such as banks and mortgage companies, are for-profit entities and, as such, do not qualify for any exemptions from general real estate taxes in Illinois. They are subject to standard tax obligations on their real estate properties like any other business.

Hospitals may receive some property tax exemptions, especially if they are non-profit and provide community services, but they are not entirely exempt from paying general real estate taxes. The extent of their tax exemptions can vary based on the specific services they offer and their operational status.