A proposal to give first-time homebuyers a substantial property tax break has hit a wall in the Senate. "It seems to be stuck," said sponsor Sen. Evelyn Lynn, R-Ormond Beach. "I'm not giving up, but it's not looking good."
That's not good for Gov. Charlie Crist, who made it one of his initiatives and is pressing the Legislature to put it on the 2010 ballot. And it's not good for Rep. Carl Domino, R-Jupiter, who has advanced the plan in his chamber.
The bill would grant an additional homestead exemption that would diminish as Save Our Homes benefits grow. But Lynn said she has been told by budget chief Sen. J.D. Alexander that it would cost too much. The original Senate form, and the House version, would cut $368 million over three years. Schools would take a $286 million hit, according to a bill analysis.
The flip side is that homeowners would save that much. And proponents say it would also kick start the anemic housing market.
Comments