ID S1111

Establishes a homeowner property tax relief program providing sales tax-funded reductions on property taxes for Idaho homeowners with homestead exemptions, effective fiscal year 2024 onwards at 4.5% of sales tax revenues.

Creates a homeowner property tax relief roll prepared by county assessors showing eligible properties, with state tax commission distributing relief funds to counties by December 20 each year, split as 50% by December 20 and 50% by June 20 of the following year.

Limits eligible property taxes to those excluding bonds, school district levies, plant facility levies, and voter-approved temporary levies, with relief applied only to one acre per property and after homestead exemptions are deducted.

Appropriates $75,000,000 from the general fund for the first year of the program (July 1, 2023) and allows up to $150,000,000 in excess general fund cash transfers in fiscal years 2023, 2024, and 2025 to fund initial relief payments.

Revises property tax reduction program eligibility thresholds, increasing the property value limit from 150% to 250% of county median assessed value and raising the income limit from $31,900 to $37,000 for tax year 2023 onwards.