99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB3149

 

Introduced 2/19/2016, by Sen. James F. Clayborne, Jr.

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/10-385 new

    Amends the Property Tax Code. Provides that a taxable PPV lease 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. Provides that those provisions apply to appeals that were pending as of January 1, 2006 or thereafter. Contains provisions concerning the settlement agreements. Effective immediately.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by adding
5Section 10-385 as follows:
 
6    (35 ILCS 200/10-385 new)
7    Sec. 10-385. PPV leases; tax settlement agreements. A
8taxable PPV lease under Section 10-375 of this Act that (i)
9encumbers exempt real property located within a county of less
10than 600,000 inhabitants and (ii) is related to taxable real
11property used for military housing purposes may be assessed and
12valued pursuant to the terms of a real property tax assessment
13settlement agreement executed between the local county
14assessment officials and the taxpayer, provided that appeals
15challenging the valuation and taxation of the PPV lease were
16pending as of January 1, 2006 or thereafter. Appropriate
17authorities, including other county and State officials, may be
18parties to those settlement agreements. Those agreements may
19provide for the settlement of issues related to the assessed
20valuation of the PPV lease or the property and may provide for
21related payments, refunds, claims, and credits against
22property taxes and liabilities in current and future years.
23Those agreements may provide for a total assessment or maximum

 

 

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1annual tax payment for all contested tax years and future tax
2years for up to a 20-year term. Those agreements may also
3provide for annual adjustments to the extent that taxes levied
4against the PPV lease or property exceed the amounts due, as
5expressed in the agreement. The adjustments may be made as
6credits to be applied to current tax bills applicable to the
7PPV lease, the property, or both. No referendum approval shall
8be required for such agreements, and they shall not constitute
9indebtedness of any taxing district for the purposes of any
10statutory limitation.
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.