Taxes, Ad Valorem - As introduced, prohibits local governments, including special school districts, from levying real property taxes in an amount that would cause local governments to realize an increase in total revenue exceeding inflation plus 2 percent, or over a period of three tax years, inflation plus 6 percent, unless a referendum election is held by the local government to raise the tax above such amount and the referendum passes by a majority vote of the electorate. - Amends TCA Title 48 and Title 67, Chapter 5.