Amends existing law to establish the County and City Property Tax Relief Fund.

This legislation provides property tax relief to all property owners in Idaho. When the legislature created the “tax relief fund” (or the Wayfair account), online sales taxes collected were exempted from the normal sales tax revenue sharing formula with Cities, Counties and local taxing districts. This legislation will provide that 12% of online sales tax collections will be distributed 50% to the Cities and 50% to the counties. Of the 50% to the Cities and the 50% to the Counties, half of those distributions must be used for property tax relief. In 2024 the provision that excluded local taxing districts from receiving 11.5% of the online sales tax collections is set to expire. In an effort to provide property tax relief in 2023, $50 million from general funds will be provided to the Cities and Counties of which 50% will have to be used for property tax relief. In 2024, the 12% of online sales tax collections will be divided 50% to Cities and 50% to the Counties and half of said funds must be used to reduce property taxes.