Property Tax Amendment to Save Owners, Hit Local Governments

If voters approve the property tax cut on the November ballot, cities, counties and special taxing districts will lose nearly $5 billion the first year, and nearly $12 billion in the fifth year, according to projections developed by state economists Friday.

Homestead owners will be the initial beneficiaries of the amendment, but non-homestead owners, including businesses and those who own vacation homes and condos, will reap rewards as well in future years.

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