Illinois General Assembly - Full Text of Public Act 099-0818
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Public Act 099-0818





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.

Effective Date: 08/15/2016