Public Act 099-0818
 
SB3149 EnrolledLRB099 16777 AXK 41122 b


  
    AN ACT concerning revenue.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  
 
 
    Section 5. The Property Tax Code is amended  by adding 
Section 10-385 as follows:
 
    (35 ILCS 200/10-385 new)
    Sec. 10-385. PPV leases; tax settlement agreements.  A 
taxable PPV lease under Section 10-375 of this Act that (i)  
encumbers exempt real property located within a county of less 
than 600,000 inhabitants and (ii) is related to taxable real 
property used for military housing purposes may be assessed and 
valued pursuant to the terms of a real property tax assessment 
settlement agreement executed between the local county 
assessment officials and the taxpayer, provided that appeals 
challenging the valuation and taxation of the PPV lease were 
pending as of January 1, 2006 or thereafter.  Appropriate 
authorities, including other county and State officials, may be 
parties to those settlement agreements.  Those agreements may 
provide for the settlement of issues related to the assessed 
valuation of the PPV lease or the property and may provide for 
related payments, refunds, claims, and credits against 
property taxes and liabilities in current and future years.  
Those agreements may provide for a total assessment or maximum 
annual tax payment for all contested tax years and future tax 
years for up to a 20-year term.  Those agreements may also 
provide for annual adjustments to the extent that taxes levied 
against the PPV lease or property exceed the amounts due, as 
expressed in the agreement.  The adjustments may be made as 
credits to be applied to current tax bills applicable to the 
PPV lease, the property, or both.   No referendum approval shall 
be required for such agreements, and they shall not constitute 
indebtedness of any taxing district for the purposes of any 
statutory limitation.
 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law.