Jan 7 (Reuters) - Property tax caps in eastern U.S. states have constrained some local governments' budgets but had little impact on others, Standard & Poor's Ratings Services said in a report on Monday.

In some states, the caps, adopted in the past five years, have limited the budgetary flexibility of local governments and school districts, S&P said.

In other states, 'the limitations have posed minimal fiscal constraints based on either the magnitude of the cap, the ability to override, or the allowable exceptions,' S&P credit analyst Lindsay Wilhelm said in a statement.

(Reporting by Hilary Russ; Editing by James Dalgleish) Keywords: MUNIS TAXES/S&P

(Hilary.Russ@thomsonreuters.com)(646)(223-7381)(Reuters Messaging: hilary.russ.thomsonreuters.com@reuters.net)

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