Posted June 22, 2007 00:25

TALLAHASSEE - Gov. Charlie Crist signed a property-tax cut into law this morning, which will mean about $200 in savings for the average homeowner this year, and is on his way to West Palm Beach to celebrate. "This is the people's tax cut," Crist said.

Crist started his day in Tallahassee this morning signing one bill that forces local governments to cut up to $15 billion in property taxes during the next five years and another that authorizes a special election to ask voters to reform the way primary homes, known as homesteads, are taxed.

At the Tallahassee ceremony, Crist brought along two local residents who could save about $200 this year and potentially could cut their property tax bills by 66 percent next year with the Save Our Homes reform.

In West Palm Beach, Crist's ceremony will include Michael and Jeanette Waddle, who could save $350 this year and about $2,000 with the constitutional amendment.

Crist will also appear with local families at stops in Miami and Tampa later in the day.

"The people will have the power to further drop their property taxes like a boulder," Crist said of the special election on Jan. 29. "The people will have that power to cut their taxes in a historic way."

In the special election, the same day as the presidential primary in Florida, voters will decide whether to phase out Save Our Homes, which caps homestead assessments at 3 percent yearly, in exchange for homestead exemptions of up to $195,000.

A divided legislature approved the ballot question that, if voters agreed, would give the larger homestead exemptions to new homebuyers instead of the Save Our Homes cap.

Current homestead owners could decide whether to keep their Save Our Homes protection or give it up in favor of the larger exemptions, which total 75 percent of the first $200,000 in value and 15 percent of the next $300,000.