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There are 300,000 empty homes in the state’s housing market. The houses represent a two year surplus, which is one reason why many builders are out of work. As Whitney Ray tells us, a legislative plan to boost home sales by reducing property taxes is gaining support in Tallahassee.

The sounds of nail guns and buzz saws, noise pollution to some, the sound of money to others. Florida Training Services President Jeff McGinley remembers 2006 when the sound of construction was common around the state.

“It was crazy time, but it was good for a lot of companies and now of course it’s pretty much all down right now,” said McGinley.

McGinley and representatives from Florida construction groups met with Lawmakers Wednesday to discuss creating jobs. Representative Carl Domino has a plan to boost construction by increasing home sales.

“Last year housing values went down in the state about 15 percent. If there were more buyers the prices wouldn’t go down,” said Domino.

Domino wants to give a 50 percent property tax cut to anyone buying their first house in Florida.

If this home sold for 200,000 dollars under the plan, the home owner could save as much as 2,000 dollars in property taxes the first year alone.

The saving would decrease 20 percent each year over the next four years. By year five the tax would level out. The Florida Association of Realtors says it’s a good investment.

“If we put one dollar into housing the ripple effect is ten dollars into the economy,” said FAR Spokesman John Sebree.

If lawmakers approve the plan, it would go on the 2010 ballot as a constitutional amendment. Sixty percent of voters would then have to approve the tax cut.

The economic stimulus plan offers first time home buyers an 8,000 dollar tax credit. The credit will expire before this property tax cutting plan could go into effect.