IL HB0331

Amends the Property Tax Code to allow taxable PPV leases on exempt real property in counties with populations under 1,000,000 inhabitants to be assessed through settlement agreements between county assessment officials and taxpayers.

Applies to PPV leases related to taxable real property used for military housing purposes where valuation appeals were pending as of January 1, 2006 or later.

Settlement agreements may include other county and state officials as parties and can address assessed valuations, payments, refunds, credits against property taxes for current and future years.

Allows settlement agreements to establish a total assessment or maximum annual tax payment for up to a 20-year term with annual adjustments made as credits to current tax bills.

Exempts settlement agreements from referendum approval requirements and specifies they do not constitute indebtedness of any taxing district; takes effect immediately upon enactment.