A bill to authorize the District of Columbia Council to set the real property tax rate and assessment for all real property located in the District of Columbia, and for other purposes.

Authorizes the District of Columbia Council to set the real property tax rate and assessment for all real property located in the District of Columbia. Authorizes the Council to review and revise, as necessary, the practices and procedures of assessment and collection of the tax levied. States that monies collected shall be deposited in the Treasury to the credit of the District of Columbia, to be used for such purposes as Congress may provide and appropriate for.

Authorizes the Commissioner of the District of Columbia to assure that all property in the District of Columbia subject to taxation is assessed at not less than the full and true market value thereof in lawful money for the fiscal year ending June 30, 1974 and for each fiscal year thereafter, unless such rate of assessment is changed by the District of Columbia Council.