IL HB2316

Expands real property tax assessment settlement agreements to include petroleum refineries located in counties with fewer than 1,000,000 inhabitants if litigation regarding assessed valuation is or was pending as of January 1, 2003 or thereafter.

Permits settlement agreements to cover disputed years as well as up to 10 years in the future, with provisions for property classification, refunds, credits against taxes, and escrow arrangements.

Modifies Section 11-15 to simplify the valuation method for pollution control devices by establishing that a device's net value shall be considered as 33 1/3% of fair cash value, removing the previous requirement to consider actual or probable net earnings.

Takes effect immediately upon becoming law.