ABSTRACT
The rapid escalation in real estate prices in the United States over the last several years has led to a resurgent interest in tax and expenditure limitations at the state level. As their name suggests, tax and expenditure limitations place caps on the degree to which states and localities can raise or spend money. While the limitations that have been recently proposed vary substantially in their design and attributes, they share a common purpose-to provide tax relief for populations feeling increasingly burdened by tax collections, and particularly, the property tax.
