IL SB2782

Extends the deadline for classifying and valuing Public/Private Residential Development (PPV) leases for U.S. military housing from January 1, 2016 to January 1, 2017.

Extends the taxable years during which county assessment officers must apply specific valuation provisions for PPV leases from 2006-2015 to 2006-2016.

Requires chief county assessment officers to apply provisions of Sections 10-370(b)(i) and 10-375(c)(i) when assessing PPV lease property values for state property tax purposes.

Takes effect upon becoming law.