This bill amends several sections of the Idaho Code to enhance property tax relief measures, particularly focusing on the School District Facilities Fund and the Tax Relief Fund. It establishes a continuous appropriation of funds for the School District Facilities Fund, which will be used for the construction and renovation of school facilities, and mandates that the state controller distribute these funds to school districts by August 31 each year. Additionally, the bill specifies that funds received by school districts under this section must be deducted from property tax levies, ensuring that taxpayers do not face duplicate taxation for the same expenses.

Furthermore, the bill introduces a cash transfer mechanism for property tax relief, appropriating $150 million or the excess cash balance from the general fund for fiscal years 2023, 2024, and 2025. It allocates $50 million to the homeowner property tax relief account and divides the remaining funds equally between the School District Facilities Fund and the homeowner property tax relief account. Notably, for fiscal year 2025, the bill also mandates a transfer of $50 million from the bond levy equalization fund to the homeowner property tax relief account. The amendments aim to streamline funding processes and enhance transparency in how tax relief funds are utilized.

Statutes affected:
Bill Text: 33-911, 57-810, 57-811