Illinois Real Estate Exam Practice Question
Which property owners in Illinois are totally exempt from paying general real estate taxes?
Correct Answer: A
Rationale: Religious institutions are entirely exempt from paying general real estate taxes in Illinois, as they serve a public benefit and are often recognized as charitable organizations.
Senior citizens may qualify for property tax exemptions, but they are not fully exempt from taxes. Lending institutions, such as banks, typically pay taxes on their real estate holdings. Hospitals may receive exemptions for specific uses or properties, but they are not universally exempt from all real estate taxes. Thus, only religious institutions enjoy total exemption from general real estate taxes in Illinois.
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