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This paper discusses assessment limits which are a type tax expenditure that limits or places a cap on the amount a property can increase in assessed value for taxation each year. This paper describes assessment limits and some of the policy issues associated with this approach to providing property tax relief. That is followed by a discussion of methods used for estimating the foregone revenue resulting from such limits. Next, case studies of two counties in New Mexico are presented, San Juan County and Los Alamos. Using property valuation data, the foregone revenue due to the assessment limit and its impact on assessment uniformity and equity are estimated.