Your best bet IMO for your budget would be to pick up a 2 X CR123a/18650 rechargeable Li-ion, P60 type light as such...
1) A Solarforce (P60 body: has everything but the light engine) host like a model L2, L2M, or L2N for around $15/16 and then get a ready made budget XM-L/XM-L2 drop-in for approx $20/$35 (sometimes you can find em' less than $20) and you'll have a very good/serviceable and upgradable tac light but probably $5 - 10 over your budget.
2) If you want something ready to go out of the box then Convoy makes superb budget tactical type lights in many different conifigs up to approx 1000+ real OTF lumens, many with your choice of neutral, and cool tints, and most use the 8xAMC7135 Driver - the same driver often used in custom high end flashlights...all for around $20 to $30. These lights are a real bargain and routinely show up as best buys on many of the flashlight review sites.
*The most valuable advice I can give you is what NOT to buy, and that is stay away from the cheap ****fire brand light (except Surefire which is excellent but out of your price range X 5) made in China lights typically found on eBay, Amazon, any the multitude of Chinese vendor sites! They contain crappy driver circuitry with slow flickering PWM to modulate modes, terrible anodization, and many are DOA or have intermittent issues, or just stop working altogether after a few months/weeks/days.
Good Luck!