Understanding State Property Tax Limits

The rapid appreciation in US home values spurred by the COVID-19 pandemic has fueled concerns about property tax bills and spurred new interest in tax limits. Even though 47 states impose limits on property taxes, the details of how tax and expenditure limits work around the country are poorly understood. As states search for policy solutions to respond to taxpayer concerns, high-quality data on property tax limit designs and variations across states is crucial. 

This Policy Download describes key features of states’ property tax rate limits, levy limits, assessment limits, revenue and expenditure limits, and Truth in Taxation policies across the US. Drawing on summary tables published in Significant Features of the Property Tax in 2024, this paper analyzes key policy features and provides a framework for comparing policies across states.