Illinois Compiled Statutes 65 ILCS 5/11-65-20 – Exemptions from property taxation
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Terms Used In Illinois Compiled Statutes 65 ILCS 5/11-65-20
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
All real property and the municipal convention hall owned by the public-facilities corporation is exempt from property taxation.