IL SB1953

Limits the application period for Public/Private Venture (PPV) Lease classification and valuation rules to January 1, 2006 through January 1, 2016, rather than extending indefinitely or for 50 years.

Increases the net operating income calculation for naval training facilities, naval bases, and naval support facilities from 42% to 62% of all revenues (or actual expenses, whichever is lesser).

Maintains the 42% net operating income calculation for all other military training facilities, military bases, and related military support facilities.

Requires chief county assessment officers to apply specified valuation provisions when assessing PPV Leases during the 2006-2015 taxable years.

Applies to leasehold interests in exempt military properties used for designing, financing, constructing, and operating rental housing units at military facilities in Illinois.