THE FIRST STEP:

Cutting, Capping Your Property Taxes:
One House GOP proposal would cut property taxes an average of 19 percent statewide, effective July 1, and limit future increases to a percentage tied to population growth and inflation. It would also require only legislative approval..

THE ULITMATE GOAL:

Replacing Tax On Homes With Higher Sales Tax:
GOP leaders also are proposing the more dramatic option of eliminating all property taxes on an individual’s primary residence, or homestead, and boosting the state’s 6 percent sales tax to 8.5 percent. The overall tax savings of $5.77 billion is the same as in the first proposal, but more of the saving goes to homeowners. It would also require voters to approve a constitutional amendment.

Florida taxpayers could save thousands of dollars a year in property taxes under a sweeping tax overhaul unveiled by the Republican-controlled Florida House. But cities and counties would be required to slash billions of dollars in spending.

The heart of the package is a proposed constitutional amendment that would abolish all property taxes homeowners pay on their primary residences. The amendment, which voters would have to approve in a referendum, also would add 2.5 cents to the state’s 6-cent sales tax – making it the highest state-wide rate in the nation.

The House Plan also calls for a separate state law, effective July 1, that would immediately force local governments to roll back property tax rates and cut nearly $5.8 billion in spending, or an average of 19 percent of their budgets. The legislation also would impose a cap limiting future property-tax increases. The rollback would not affect levies for school districts, but the cap on future tax increases would.

CRIST'S PLAN DIFFERS:

The fate of the plan is far from clear. Republican Government Charlie Crist has offered a far different tax-cut plan, and the Senate has yet to weigh in with its proposal.