A proposal on the Nov. 3 ballot to cut and cap property taxes over a five-year period in Michigan would cost the state's general fund budget $402 million in 1993, the first year of the tax cut, and climb to $1.6 billion by 1997, according to a study released last week.

Prepared by the Mackinac Center, a nonprofit Michigan-based research organization, the study compares two property tax cut proposals that will appear on the ballot.

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