tax limit

Provisions of state constitutions expressly limiting the rate at which taxes may be levied. A limit usually, if not invariably, based upon the valuation of the taxable property within the taxing unit, sometimes restricting taxes to a certain percentage of the valuation, at other times restricting them to a designated amount of taxes per stated amount of valuation. 51 Am J1st Tax § 138.

Ballentine's law dictionary. . 1998.

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