Elderly Homeowners' Property Tax Relief Act

[AI summary unavailable — showing source text] Elderly Homeowners' Property Tax Relief Act - Authorizes the Secretary of the Treasury to pay to each State which provides a real property tax reduction for the elderly, or any political subdivision which provides such a reduction the amount of the qualified reduction plus an amount determined according to specified formulae. States that such payments shall be made by the Secretary only if the State gives assurances that it will pay over to the political subdivisions the portions of such payment attributable to the reduction provided by them. Authorizes to be appropriated such sums as may be necessary to carry out this Act.…