Suppose a state is considering three different types of fiscal limits for local governments in the state – a maximum property tax rate, a limit that property tax revenue may not increase more than population and inflation together, or a limit that spending may not increase more than 5 percent. In each case, the limit may be exceeded by majority vote. Which limit is most restrictive and why? Contrast the three in terms of the sources of allowed increases in taxes or spending and the potential effect on local services.