Property owners would save about 7 percent on their 2007 tax bill and many could save far more next year if voters approve a constitutional amendment to super-size their homeowner tax exemptions, according to the Legislature's latest tax-cut plan released late Friday.

Total cost to local governments over five years: $31.6 billion - a record tax cut.

But the big number includes $7.2 billion from schools and $3.1 billion from taxing districts that support hospitals, water management districts and children services. Those cuts could spell political trouble for parts of the plan.

The complicated plan would fundamentally change the tax system by capping and rolling back government spending, and expanding homeowner tax exemptions from $25,000 to a maximum $195,000. It also seeks to punish governments that taxed and spent more than the statewide tax-and-spend average.

The package of proposals doesn't include any super-sized tax exemptions for those hit hardest by high taxes: owners of second homes or commercial property. However, they would greatly benefit from the rollbacks and caps. Also, businesses would save more from a new $25,000 exemption on equipment, shelving and other tangible personal property.

Together, the proposals will serve as the framework of debate for the 11-day special session on property taxes that begins Tuesday. The proposal calls for additional tax cuts to help poor seniors, marinas and affordable housing providers, but those details have yet to be worked out.

"This is the biggest tax cut in the history of Florida and gives all property owners the relief they need to continue to live, work, raise a family and retire here in Florida," said Rep. Dean Cannon, a Winter Park Republican who negotiated the tax package for House Speaker Marco Rubio of West Miami, who held out for steeper tax cuts this spring.

But while Democrats in the House said they were encouraged by the plan - in part because it used a variant of their super-tax exemption that was all but ignored this spring - the leader of Senate Democrats, Steve Geller of Cooper City, said he was most concerned about the cuts to schools.

"How many Democrats are going to vote for a plan that cuts almost $2 billion from education?" Geller asked. "I don't think Republicans will vote for it."

Republican leaders said they will consider offsetting the cut to school budgets by plowing a variety of extra state tax money into the schools, using revenue bonds to pay for more expenses and allowing school districts to raise property tax rates.

The first phase of the plan would require local governments next year to spend what they spent this year. Then, depending on how much each government spent relative to population and income growth, it will be forced to cut spending by either 3, 5, 7 or 9 percent yearly.

Future tax collections would be capped, based on the growth in personal income and new construction.

Though the details are still sketchy, the plan would allow local governments to bust some of the caps. If they want a small increase, the governing board needs a super-majority vote. Larger increases: a unanimous vote. Huge increases: A vote of the people.

The rollback piece of the plan can pass by a simple majority vote of the Legislature. School taxes, which account for about a third of property-tax bills, won't be affected by that portion of the plan.

The next phase of the plan would require 60 percent of voters to amend the state constitution to pass the super-homestead exemptions and phase out the Save Our Homes tax cap limiting taxable-value increases to 3 percent yearly. Those who that want to keep the Save Our Homes system could.

Because Save Our Homes is such a good deal, lawmakers have tried to make the new plan as attractive as possible to likely voters, who tend to be long-time homeowners.

House Democratic Leader Dan Gelber of Miami Beach called it a "middle class and progressive approach" and while he was encouraged, he would wait to see the details of the impact on local government before giving it a broad endorsement.

The constitutional amendment piece of the plan would have to pass the Legislature by a three-fourths vote of both chambers in order to make the Jan. 29 ballot.

By the numbers

An example of how the property-tax reform proposal would work:

A homesteaded owner of a home worth $500,000 would pay taxes on $50,000 of the first $200,000 in assessed value. Another way to look at it: It exempts 75 percent of the home's value, increasing the current homestead exemption of $25,000 to $150,000.

Another 15 percent would be exempt on the value between $200,000 and $500,000 - adding another exemption of $45,000. So, the owner would have a total exemption of $195,000 and pay taxes on $305,000.