To establish a task force to study and evaluate the taxation of real property by State and local governments, the effects of such taxation on certain taxpayers, and the feasibility of other policies designed to reduce the dependence of State and local governments on such taxation.

Establishes a Task Force on the Taxation of Real Property by State and Local Governments to study and evaluate: (1) the taxation of real property by State and local governments; (2) the effects of such taxation on middle income and fixed income taxpayers; and (3) the feasibility of other policies designed to reduce the dependence of State and local governments on such taxation. Requires the Task Force to submit a final report to the President and terminate the Task Force 90 days after such submission.