IL HB5444

Amends Section 15-65 of the Property Tax Code to allow property leased by charitable organizations for a period of at least one year to qualify for property tax exemption, in addition to property owned by such organizations.

Removes the restriction that exempted property cannot be "leased or otherwise used with a view to profit," allowing charitable organizations greater flexibility in their property arrangements.

Maintains existing exemption categories including institutions of public charity, beneficent and charitable organizations, elderly care facilities, not-for-profit health maintenance organizations, free public libraries, and historical societies.

Permits not-for-profit organizations that lease exempt property to a lessee conducting activities qualifying for tax exemption to maintain the property's exempt status.

Preserves provisions allowing property exemptions when legal title is held by entities such as nonprofits, partnerships, or limited liability companies if organized to support charitable purposes and operations.