House Bill 2210 would supplement Special Section Act 1 of 2006 relief efforts and any additional property tax relief efforts by the legislature by creating a Property Tax Relief Fund.

Under this bill, the state is returning budget surpluses back to taxpayers!

In a fiscal year when there is a state budget surplus, 50 percent of the surplus would be deposited into the Property Tax Relief Fund. This would not affect the Rainy Day Fund because the required 25 percent of any budget surplus would be deposited in the Rainy Day Fund first; 50 percent of the remainder would go to the Property Tax Fund and the rest of the surplus would be placed towards general fund programs or whatever the General Assembly determines.

When the fund exceeds $100 million, monies would be distributed to school districts based on the number of resident-homeowner taxpayers. School districts would be required to reduce property taxes to homeowners during the next immediate taxing cycle.

No new taxes or increased taxes would be required since the fund is reliant on a budget surplus.