Real Property Tax Reduction Act

Real Property Tax Reduction Act - Makes findings regarding the real property tax system and its impact on the elderly and low or moderate income homeowner or renter. Declares the purpose of this Act to be the encouragement of State and local governments, with Federal financial assistance, to establish a program of property tax relief for the elderly, poor, and renters who pay such tax as part of their rent.

Authorizes the Secretary of the Treasury to make payments to States or local governments which establish programs which provide levels of property tax relief based upon the income of an individual homeowner or renter. Places limitations on the amount of payments which a State or locality may receive.

Establishes procedures for review of an application for Federal payments under this Act by the Secretary and provides for an appeal to a United States court of appeals of an unfavorable determination by the Secretary.