HB 648 Summary

• Amends Section 63-802, Idaho Code, to reduce property tax budget limitations for taxing districts beginning in tax year 2022 based on sales and use tax revenue growth.

• Requires the dollar amount of property taxes levied for the previous three tax years to each be reduced by 50% of the amount by which current year revenues exceeded the previous year under section 63-3638(10), Idaho Code.

• Establishes the reduced budget amount as the new base budget starting in tax year 2022 for calculating maximum allowable property tax revenues.

• Directs the state tax commission to certify total amounts and proportional reductions for tax years 2019, 2020, and 2021 by the second Monday in August.

• Declares an emergency and makes the act effective July 1, 2022.