TAMPA - The state's new plan to cut property taxes offers a pittance of the savings homeowners would have realized under the original proposal.

But real estate agents say the $11 billion property tax package legislators expect to approve next week would provide substantial benefit to first-time homesteaders and relief for people wanting to sell one home and buy another.

"It's a good start, because people are going to see a reduction in their property taxes," said Carlos Fuentes, president of the Greater Tampa Association of Realtors.

Two provisions, in particular, may add zip to Florida's lethargic real estate market, Fuentes said.

In addition to doubling the $25,000 homestead exemption, which would save the average homeowner about $214 a year, the proposal would give first-time homesteaders an exemption equal to 25 percent of the home's market value.

The savings: Nearly $500 the first year.

Another provision would allow homeowners to retain their Save Our Homes tax discount when they buy another home.

The exemption for first-time homesteaders and the portability of Save Our Homes should encourage buyers and sellers, Fuentes said.

"For those who want to downsize, portability would help because they will be able to take with them whatever discount they're enjoying on their existing property," Fuentes said. "The guy buying the home that they're giving up will now have this 25 percent discount on his property tax bill."

Despite those benefits, the $11 billion in savings under the new plan is much smaller than the $16 billion in savings offered by the "super" homestead exemption the Legislature approved in June. The superexemption was removed from the Jan. 29 primary ballot last month after a judge said the language was too confusing.

"Comprehensive reform is needed," Fuentes said. "These proposals don't go deep enough, but they are a beginning."

Other provisions include:

•Eliminating all property taxes for low-income seniors. Homeowners age 65 or older with a household income less than $24,214 would qualify.

•Eliminating the presumption that appraisers are correct when they increase a home's value by more than the county average.

•Allowing waterfront properties such as inns and marinas to be assessed below the highest and best use.

•Allowing property used for affordable housing projects to be assessed at less than "just" value.

Ann Guiberson, president of the Pinellas Realtor Organization, described the proposal as a "positive first step." She said further change is needed to resolve "the vast inequity" in Florida's property tax system.

"While any measures to enable first-time homebuyers to enter the market are welcome, a future tax system needs to help all property owners make their decision without the threat of excessive property tax levels," Guiberson said.

Reporter Russell Ray can be reached at (813) 259-7870 or rray@tampatrib.com.