PROP TX-TAX LIABILITY CAP

Amends the Property Tax Code. Requires the county clerk to determine whether the aggregate property tax rate for the taxable year on any parcel of property in the county is equal to or greater than 3%. Provides that, with respect to those properties, the total tax liability expressed in dollars may not exceed the property tax liability for that property in the previous taxable year. Provides that, if the property did not have a tax liability in the previous taxable year, or if there have been improvements to the property since the previous taxable year that would increase the assessed value of the property, then the property tax liability for the current taxable year may not exceed 3% of the equalized assessed value of the property. Provides that the amendatory Act does not apply to counties that classify property for the purposes of taxation. Effective immediately.