House may cut - or end - property tax

January 29, 2008 10:00:06 AM PST
The state House of Representatives is focusing on a can't-lose choice for homeowners. It's considering whether to cut school property taxes dramatically or eliminate them outright.

A Democratic-sponsored bill being debated today would add $1.6 billion to the tax-cut money anticipated from slot-machine gambling in 2009-10.

It would cut taxes for primary residences and farms only, and be funded by increases on the sales and personal income tax rates.

But a Republican amendment would instead eliminate all school property taxes - including for businesses, commercial properties and on second homes.

Debate is expected to continue through Wednesday at least.