Florida’s Legislature has approved the largest property tax cuts in state history following hurricane damage in recent years.  The property tax relief and reform package will cut property taxes in Florida by almost $32 billion dollars over the next five years.

The greatest savings for Florida’s homeowners will result from a new “Super Homestead” exemption which will provide an average 44% reduction on most home-owners tax bills.

Jill Diamond of Florida property firm Clearsky, said: “The Florida property taxation system, unlike in the UK, does reflect the costs and so does go down as well as up. This is a positive factor.”

It is expected that the market will pick up as buyers recognize that their bill payments will be smaller as a result of the cuts.