PROP TAX-EMPLOYMENT COST INDEX

Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, for levy years 2004 through 2014, "extension limitation" means (a) the lesser of 5% or the fourth quarter percentage increase in the Employment Cost Index (now, the percentage increase in the Consumer Price Index) during the 12-month calendar year preceding the levy year or (b) the rate increase approved by the voters. Defines "Employment Cost Index" as the Employment Cost Index for total compensation for civilian workers published by the United States Department of Labor. Effective immediately.