A bill 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 Federal taxation and 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 be composed of four officials of the Executive branch, four Senators, four Representatives, and 12 qualified individuals who are not officers or employees of the United States. Provides for the appointment of members of the Task Force, the hiring and compensation of employees, the powers of the Task Force and a timetable for the Task Force's final report and termination.

Directs the Task Force 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 designing Federal taxation and other policies to reduce the dependence of State and local governments on such taxation.

Directs all Federal agencies and departments to furnish the Task Force with all requested information which is legally disclosable.