A bill to provide for payments in lieu of real property taxes, with respect to real property owned by the Federal Government.

Requires the Federal Government, through the Administrator of General Services, to pay to the States, units of local government, the Commonwealth of Puerto Rico, and the territories of Guam and the Virgin Islands amounts equivalent to the property taxes that would be generated by federally owned land if such land were privately owned (in the case of any local government unit in which three percent or more of the land is federally owned).