A bill to provide for the return of federally-condemned property to its former owner when the Federal Government does not use such property for the stated purposes.

Declares that the ownership of property which is condemned or otherwise taken from an individual by the U.S. Government shall revert to such individual if: (1) the Government does not begin using such property for the stated purpose of condemnation within a reasonable period of time; or (2) the Government ceases to use such property for such purpose. States that such reversion shall occur upon such individual's written request, accompanied by payment of the lesser of the current market value of such property or the amount which was paid to the individual for such property.

States that for any property returned as provided by this Act, the Federal Government shall reimburse State or local governments for the taxes which would have been charged to an individual for such property during the period of its Federal ownership.