TALLAHASSEE - The first crisis - unaffordable and unavailable homeowners insurance - has been addressed at the state Capitol. But there is more heavy lifting to be done.

The spotlight now shines on the second fist of what Gov. Charlie Crist called "the one-two punch" hitting Floridians' checkbooks: property taxes.

Lawmakers will gather in Tallahassee on March 6, and reforming the way cities, counties and special districts hit up homeowners is now their top priority.

Although personal incomes have increased steadily, property taxes have dramatically outstripped homeowners' spending power.

Needless to say, local governments are panicking over the prospect of losing that revenue.

When asked how local governments could make up for the money lost to changes demanded in Tallahassee, Crist was brusque: "Have them spend less. They're going to have a little more discipline at the local level."

Any change to the state's tax structure would require a constitutional amendment. Lawmakers hope to have a proposal to take before voters in a special off-cycle election this year.

At least two dozen bills addressing property tax reform have been filed for the March legislative session.

DOUBLE THE HOMESTEAD EXEMPTION

By law, the first $25,000 of a homesteaded property's value is exempt from property taxes. Several proposals would double the amount, while Crist wants to give counties the option.

Advantage: Would knock hundreds of dollars off the top of the tax bill for an average home.

Disadvantages: Cuts tax revenue that provides local services. Also, small counties with a large number of low-value homesteads such as mobile homes would be disproportionately affected, as much of their housing stock would be erased from tax rolls.

Bills: 452, 454, 534, 571 and others

ASSESS PROPERTY AT PRESENT USE

This would change state law requiring property to be appraised at "highest and best use" - in other words, on its potential based on changes in the neighborhood.

Advantage: Protects mom-and-pop businesses from being driven away by high taxes as neighboring values soar.

Disadvantages: Most property owners prefer the higher valuation for resale potential. Appeals process exists to "down-zone" existing businesses.

Bills: 261, 508, 722

BLOW UP EXISTING LOCAL PROPERTY TAX STRUCTURE

Instead, local governments would rely on increased state sales taxes to fund services.

Advantages: Simplifies tax structure, makes state the sole tax authority.

Disadvantages: Would more than double the sales tax of 6 percent, making it higher than any other state. Would affect border retailers disproportionately. Could harm tourism, which already assesses room taxes almost double the existing sales tax rate.

Not currently in bill form

CAP GROWTH IN LOCAL PROPERTY TAXES

This would force a ceiling on the amount local governments can raise, perhaps at the consumer price index or a hard percentage.

Advantage: Eases trend of local government tax revenue growing faster than local economic activity.

Disadvantages: Offers no reduction of existing rates. Could keep local governments from responding to local needs. Could encourage greater reliance on fees.

Bills: 220, 503

MAKE 'SAVE OUR HOMES' PORTABLE;

OFFER SIMILAR CAP TO BUSINESSES

"Save Our Homes" limits the rise in taxable value of homesteads to no more than 3 percent a year. The cap, though, has had unintended consequences: Recent buyers have a much higher "floor" for their save-our-homes benefit than longtime residents who bought at lower home prices. Empty-nesters and others may not be able to afford to move because they can't afford taxes on the "uncapped" home. Plus, businesses and other non-homesteaded properties don't qualify for the cap and take on more of the local tax burden.

Advantages: Tax benefit transfers with new home purchase. Protects businesses from big tax increases, extends benefits to renters and owners of second homes.

Disadvantages: Cuts tax revenue that provides local services. Fails to address inequities between longtime residents and new buyers.

Bills: 23, 75, 534, 890, and others