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.