IL SB3149

Adds Section 10-385 to the Illinois Property Tax Code governing taxable PPV (Personal Property Valuation) leases on exempt real property in counties with fewer than 600,000 inhabitants related to military housing

Allows local county assessment officials and taxpayers to execute real property tax assessment settlement agreements for PPV leases when valuation and taxation appeals were pending as of January 1, 2006 or later

Settlement agreements may establish total assessments or maximum annual tax payments for contested years and future years up to a 20-year term, with provisions for annual adjustments and credits against tax bills

Permits related payments, refunds, claims, and credits against property taxes and liabilities in current and future years within the settlement agreements

Eliminates referendum approval requirements for such agreements and specifies they do not constitute indebtedness of any taxing district