Which property type is totally exempt from paying general real estate taxes in Illinois?

In Illinois, certain types of properties are designated as totally exempt from general real estate taxes, and housing owned by a disabled veteran falls into this category. This exemption recognizes the service and sacrifices made by veterans and aims to provide financial relief. Specifically, the Illinois Property Tax Code offers a complete exemption for the primary residence of a veteran who has been rated as having a service-connected disability, ensuring that they are not burdened by property taxes on their homes.

This exemption is significant as it allows disabled veterans to maintain ownership of their homes without the financial pressure of property tax obligations. It also reflects the state’s commitment to providing support for veterans and their families.

Other options listed may have certain tax benefits or reduced rates but do not qualify for total exemption from general real estate taxes. For instance, retirement housing for the elderly, properties financed with FHA funds, and private schools may receive specific exemptions or considerations, but they do not enjoy the same total exemption status as that granted to housing owned by disabled veterans.