IL SB1598

Extends the classification and valuation period for U.S. Military Public/Private Residential Development (PPV) Leases from December 31, 2016 to December 31, 2055.

Changes the capitalization rate used to determine fair cash value of PPV Leases from 7.75% to 12% for tax year 2017 and thereafter.

Modifies the "net operating income" calculation for naval facilities beginning in tax year 2017 to use actual expenses before interest, taxes, depreciation, and amortization, instead of the lesser of 62% of revenues or actual expenses.

Maintains the previous net operating income calculation method (lesser of 42% of revenues or actual expenses) for non-naval military facilities through 2055.

Requires PPV Lease holders to report annual gross income and expenses to county assessment officers by April 15 each year.