PROP TX-PPV LEASES

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.