The House version of the tax break has been estimated at saving average homeowners about $170 a year. For local governments, the revenue reduction could collectively top $750 million in the first year and grow to almost $850 million a year within five years.
Lee’s amended version would cost local governments about $150 million a year less than the House proposal.
Lee said the proposal is intended to help people maintain home ownership and most local governments have tax rate “head room” to handle the potential impact.
“It is a joint resolution that would be adopted by the voters, so if home rule is to be subverted, it’ll be subverted by the people who elected all these folks who believe we are subverting home rule,” Lee said.
The House proposal has been projected as a $76 million hit to Miami-Dade County, $40 million for Broward, and $27 million to Pinellas County.
Palm Beach County Assistant County Administrator Todd Bonlarron said the Senate measure would reduce the potential local impact from $71 million under the House proposal to about $56.8 million.
