(In second paragraph corrects location where PM was speaking to near Milan from Rome)

ROME, July 18 (Reuters) - Italian Prime Minister Matteo Renzi on Saturday pledged to abolish a much-hated property tax from 2016 while lowering both the budget deficit and the country's enormous debt.

Speaking at a party assembly near Milan, Renzi also said he planned to reduce corporate taxes from 2017 and income taxes from 2018. The prime minister did not quantify any of the cuts.

"My commitment here before you is to work for five years to make tax cuts that have no precedent in the history of this country," Renzi said in a speech broadcast on his party's Web site. "And we can do it without raising the debt for our children." (Reporting by Steve Scherer; editing by Agnieszka Flak)