Rollback in taxes: Boon or bane?

The Florida Legislature is working on cutting back property taxes and one of the House's proposed ways will cost counties and cities lots of their revenues. Local governments are, of course, complaining.
But let's face it: There has been plenty of waste in government for a long time, so I doubt that their warnings will be met with any sympathy. Nonetheless, these measures are being shoved through, and we won't know the consequences -- and how deep the cuts -- until it's too late.
I will benefit considerably from the Republicans' plan to cut back on property taxes, yet I'm not in favor of their proposals as they stand. Businesses and second home owners (I'm of the latter) will rake in savings, but I worry that the rollback plan will be an undue burden on those who are less fortunate.