Highlights of the property tax plan

• Tax rollback: Requires counties to roll their property tax base back to the 2005-06 levels, cutting spending $3 billion statewide over the next two years, for a cumulative tax savings of 10 percent for all property owners.

• Homestead exemption: Doubles the exemption to $50,000 for first-time home buyers, but only if they buy homes valued at $100,000 or more. The exemption shrinks over the years as their Save Our Homes savings increase.

• Government spending: Caps at 3 percent plus the average increase in consumer income, then is frozen for one year. Beginning in 2008, property-tax revenues for cities and counties would be capped.

• Renters: Gives tax break to property owners who rent to low- and medium-income earners by basing tax assessment on the properties' rental income.

• Tangible property taxes: Exempts $25,000 of businesses' tangible personal property from taxes. Up to 1 million businesses would be exempt from paying the taxes, and 300,000 future businesses would have a partial cut.

• Portability: Homeowners would take all their Save Our Homes tax savings with them when they move, but the assessed value of the new home would grow at a faster rate than on the old home.

• Eminent domain: Governments that take homestead property through eminent domain must compensate homeowners for their lost Save Our Homes savings.

• Bill of Rights: Taxapayers would be allowed to more easily see how government money is raised and spent.

• Property tax appeals: Changes administrative appeal process for taxpayers seeking to lower their property tax bills.