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MIAMI (CBS4) ― As Governor Charlie Crist signed bills expected to bring the largest property tax cut ever to Florida, Floridians were learning that a big tax cut statewide doesn't necessarily mean big savings for individual taxpayers.

Critics sat the average taxpayer will save about $174 from the tax cut, about the cost of a plane ticket from Miami to Pensacola, a night at a hotel near Walt Disney World, or a good ticket to Dolphins game.

Those are some of the things you can buy for $174, the average annual savings homeowners can expect from what is being billed as the first half of Florida's largest ever tax cut.

A bill expected to slash local property taxes by $15.6 billion over the first five years has left some taxpayers disappointed.

"An average of $175 a year is a joke," said Tampa businessman Rene Otero, who has a home in Odessa. "Break it down, that's $14 a month, and $14 a month is practically unnoticeable."

That compares to tax bills that have risen by thousands of dollars for many taxpayers as real estate values have soared over the past four years.

Wayne Forehand said the savings will help pay his property insurance bill, which he's expecting to go up by $500 although the Legislature in January passed new laws designed to hold down rates.

Continuing increases in insurance premiums have left some Floridians skeptical about the tax-cutting plan that lawmakers passed during a three-day special session last week.

The $174, or 7 percent, average cut for owners of primary homes, known as homesteads, in the first year assumes there are no overrides. It would be roughly the same in following years. Second homes and other residential properties are estimated at $199, also 7 percent, and commercial-industrial at $941, or 6 percent.

The combination of the two tax-cutting measures, if voters approve the amendment, could cut Michael and Sarojini Mohan's tax bill from $4,750 to $1,300, an annual savings of $3,100 a year on their $253,000 home in Miami.

Crist held ceremonial signings at the Mohans' house and the homes of other taxpayers.

Most homeowners already are protected by the Save Our Homes Amendment voters adopted in 1992. It limits increases on the taxable value of homesteads to 3 percent annually.

Lawmakers passed the two most recent measures in large part to appease recent home buyers and owners of second homes, rental properties and businesses who get little or no benefit from Save Our Homes.

The proposed amendment is designed to reduce that inequity by phasing out Save Our Homes. It's impossible to get a true estimate of its overall effect because homesteaders will have the choice of keeping their current protection or taking a new "super exemption:" 75 percent off the first $200,000 of a home's value and 15 percent off the next $300,000.

If half of homesteaders take the option it could increase the combined five-year savings from the two-part plan to about $24 billion, again assuming no overrides. If 73 percent -- all those who could benefit -- took the new exemption, the maximum could jump to $31.6 billion.

The numbers are based on hard-to-predict real estate market conditions so state officials have made no attempt to estimate beyond five years.

The super exemption might save in the short run but it could cause steeper tax increases in the future without the 3 percent Save Our Homes cap.

While most critics say the amendment would cut too deeply into the budgets of cities, counties and school boards, many tax protesters say it won't go far enough.

(© 2007 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)