Unless otherwise provided in section 3 of this Act, an owner of real property is entitled to receive a tax credit on all property taxes imposed on the real property, if the total taxes imposed by all taxing districts on the real property in a year, excluding any tax resulting from a local decision to exceed the limits set forth in § 10-12-43 or 10-13-36, exceed one hundred and three percent of the total taxes imposed by all taxing districts on the real property in the previous year, excluding any tax resulting from a local decision to exceed the limits set forth in § 10-12-43 or 10-13-36.