[영문]In 1991, a property tax limitation measure was imposed in five Illinois counties. Dye and McGuire (1997) studied its short?term impact. With the limit now in effect for over a decade and extended to many more counties, we assess its long?term impact. Because jurisdictions brought under the limitation since 1997 have done so after a county?option referendum, our estimation strategy treats the measure as endogenous. We find that the restraining effect of the limit on the growth of property taxes is stronger in the long run than the short run, and that the growth of school expenditures is slowed by the measure.