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ID H0079
Bill
Status
2/2/2023
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
HB 79 - Property Tax Relief Summary
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Creates a School District Facilities Fund with $50 million annually transferred from the Public School Income Fund, plus additional revenue from sales taxes and other sources, distributed to school districts per-pupil to reduce reliance on local property tax levies.
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Increases homeowner exemption from $125,000 to $150,000 of home market value (or 50% of market value, whichever is less) and increases property tax reduction program income eligibility to 200% of federal poverty guidelines.
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Restricts school levy and bond election dates to the third Tuesday in May and the Tuesday following the first Monday in November, eliminating the previous option for elections on the second Tuesday in March and last Tuesday in August.
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Modifies tax relief fund distributions to allocate 20% continuously to the School District Facilities Fund and transfers $94 million to the Idaho Tax Rebate Fund, with remaining amounts distributed to the general fund and state public defense fund.
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Requires property tax notices to show property tax savings amounts for each taxpayer resulting from School District Facilities Fund distributions, and mandates school district annual reporting to the state on expenditures from the fund.
Legislative Description
Amends, repeals, and adds to existing law to provide property tax relief by establishing and funding the School District Facilities Fund to provide moneys to school districts in lieu of property taxes, to increase the homeowner exemption, to increase circuitbreaker eligibility, to revise distributions for the State Public Defense Fund, and to reduce the number of dates on which school levy and bond elections may be held.
PROPERTY TAX RELIEF
Last Action
Reported Printed and Referred to Revenue & Taxation
2/3/2023