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

While senior citizens in Illinois may qualify for certain property tax exemptions or deferrals, they are not entirely exempt from paying general real estate taxes. Programs such as the General Homestead Exemption and the Senior Citizens Homestead Exemption reduce the taxable value of their property, but do not eliminate taxes completely.

Lending institutions, such as banks and credit unions, are not exempt from general real estate taxes in Illinois. These organizations are typically subject to the same tax obligations as other commercial properties, as they operate for profit and do not meet the criteria for tax exemptions provided to non-profit entities.

While many hospitals may qualify for property tax exemptions, particularly if they are non-profit organizations, this status is not universal. Hospitals must apply for exemptions based on their non-profit status and the nature of their services. Therefore, they do not enjoy an automatic exemption from general real estate taxes like religious institutions do.