ID H0709

Extends the distribution of state sales and use taxes collected by marketplace facilitators and out-of-state retailers to the tax relief fund through June 30, 2024, then creates a new county and city property tax relief fund effective July 1, 2024, receiving 11.5% of such taxes.

Establishes the county and city property tax relief fund in the state treasury, distributing 50% to the 44 counties and 50% to various cities based on their 2021 approved property tax budget proportions for property tax relief.

Transfers up to $40,000,000 from the general fund excess cash balance to the county and city property tax relief fund on July 1, 2022, with counties and cities encouraged to use funds for bonded indebtedness.

Excludes cities formed on or after July 1, 2022, from fund eligibility, and provides that moneys from dissolved cities revert to remaining cities.

Amends property tax budget limitation provisions to reduce county and city base budgets by 50% of property tax relief fund distributions received during the preceding 12 months for tax year 2022 and beyond.