Amends and adds to existing law to create property tax relief by creating the School District Facilities Fund and the Homeowner Property Tax Relief Account, both of which are funded by state moneys.

This legislation would limit the time frame during which interest accrues where a tax deficiency is found by excludinginterestduringtwoperiodsoftime: 1)Theperiodoftimeafterthestatetaxcommissionsendswritten notice that an audit is being initiated, but before a notice of deficiency determination is made, and 2) The period of time after a notice of deficiency determination, which is subject to a perfected protest and before the final determination of the deficiency, by the state tax commission following the state tax commission's disposition of the protest.