REAL ESTATE TAXES – Under a plan approved by the Florida Taxation and Budget Reform Commission Monday, voters will have a chance in November to approve an across-the-board property tax cut averaging 25 percent. The measure also includes a provision giving businesses, second homes and other properties that do not qualify for a homestead exemption a 5 percent cap on annual tax increases. The proposal does not include a mandatory services tax; business groups successfully argued to remove the services tax provision several weeks ago.

INTEREST RATES – The Federal Reserve is expected to lower interest rates by between one-half to a full percentage point when it meets today as part of its battle against the credit crisis and spreading economic weakness. According to Treasury Secretary Henry Paulson, the focus of policymakers "is reducing the spillover into the real economy from the turbulence and disruptions in our financial markets."

ECONOMY – The Federal Reserve meets today to consider another deep cut in the short-term lending rate that influences many consumer and business loans; however, concern is growing that even policymakers’ most aggressive efforts may not be enough to ease the global credit crunch.

FANNIE MAE, FREDDIE MAC – A deal could be in the works with Office of Federal Housing Enterprise Office, the federal regulator that oversees Fannie Mae and Freddie Mac, that would give the two government-sponsored enterprises more financial leeway. Though not yet finalized, the plan would allow Fannie Mae and Freddie Mac to reduce the cash cushion they’re required to maintain, thus freeing up money they would use to buy mortgages of struggling borrowers, who then could refinance into more affordable loans.

REAL ESTATE SETTLEMENT PRACTICES ACT (RESPA) – The public comment period for Housing and Urban Development’s (HUD) proposed RESPA reform ends May 13, though some mortgage trade groups insist more time is needed for review. According to HUD, borrowers would save an average $518 to $670 per transaction, or $6.5 billion to $8.4 billion per year overall, if the new rules are put into place.