HNO3 has three main chemical properties: acidic, nitrating, and oxidizing. As an acid, it donates one H+ ion and neutralizes bases. Its nitrating property allows it to add nitro groups to organic compounds like benzene. As a strong oxidizer, HNO3's nitrogen changes oxidation states and can oxidize metals and nonmetals, reducing itself to NO2, NO or N2O depending on conditions like concentration and reactivity of the substance. Its importance lies in uses like fertilizers, explosives, and dynamite where its acidity, nitrating, or oxidizing abilities are exploited.