The Illinois PTaX-300 Hospital Exemption is a form of tax relief available to hospitals in the state of Illinois. It exempts hospitals from paying certain taxes, including the Property Tax Replacement Tax (PART) and the Healthcare Provider Relief Tax (HURT). The exemption applies to hospitals that are legally organized as non-profit entities and meet certain criteria, such as providing medical care to patients, providing charity care, and meeting minimum levels of medical education and research. There are two types of Illinois PTaX-300 Hospital Exemptions: the full exemption and the partial exemption. The full exemption results in the hospital paying no taxes, while the partial exemption allows the hospital to pay a reduced amount of taxes. Both exemptions are available to hospitals that meet the criteria set out by the Illinois Department of Revenue.
Illinois PTaX-300 Hospital Exemption
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You can get your property taxes lowered by proving that your house is worth less than the assessor says it is. To do this, you have to appeal to your local board of review. You can find contact information for your local board of review on the Illinois Property Tax Appeal Board website.
Senior homeowners are eligible for this exemption if they are over 65 years of age and have a total household annual income of $65,000 or less in the 2021 calendar year. A "Senior Freeze" Exemption provides property tax savings by freezing the equalized assessed value (EAV) of an eligible property.
Homestead Exemption for Persons with Disabilities This exemption is an annual $2,000 reduction in the EAV of the primary residence that is owned and occupied by a person with a disability who is liable for the payment of property taxes.
The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of a property by $10,000.
A hospital owner with one or more hospitals licensed under the Hospital Licensing Act or operated under the University of Illinois Hospital Act, or an affiliate not already exempt under another provision of 35 ILCS 12/2-9(c) may qualify for a sales tax exemption.
Taxpayers whose primary residence is a single-family home, townhouse, condominium, co-op or apartment building (up to six units) are eligible. First-time applicants must have been the occupants of the property as of January 1 of the tax year in question.
Senior Citizens Real Estate Tax Deferral Program allows persons 65 years of age and older, who have a total household income of less than $65,000 and meet certain other qualifications, to defer all or part of the real estate taxes and special assessments on their principal residences.
A Person with Disabilities Exemption is for persons with disabilities and provides an annual $2,000 reduction in the equalized assessed value (EAV) of the property.
