RG,
We have prop 2 1/2 here in taxachusetts and it caps the levy increase at 2 1/2 percent. Unfortunately most if not all towns take the max increase each year. But, were this not in place the increases would be much higher, which was the motivation for the proposition in the first place. When prop 2 1/2 first came in, the average tax bill was maybe $500, now the average tax bill is more like $4,000 so 2 1/2 percent is a much larger chunk out of a pay check or social security check than it used to be.
I read the RSA, but I didn't see where it mentioned how this would be done. I would assume that the only way to do this is to limit the levy. Which would limit the rise on your tax bill, except when revaluation years potentially skew things.
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