The bill provides a total of $1.4 billion in tax relief by cutting property taxes by $757 million and returning an estimated $700 million surplus money as a sales tax rebate. Property tax rate reductions include: 13 to 41 percent - averaging 23 percent - for homeowners; 10 percent for businesses; 11 percent for cabins; 25 percent for apartment owners; and an average of 27 percent for farmhouses plus 1 acre of surrounding land.

The average sales tax rebate is projected to be $210 for single filers and $462 for joint filers.

Some controversial parts of the bill included: the business property tax cut rate; the elimination of current tax breaks for lower-valued homes; and if homeowners will eventually bear a larger share of city and county government costs as a result.

The bill passed 55 to 11.

The Senate reconvenes on Friday, June 29, 2001 at 10:00 a.m.