Real Property Tax Compensation Act

[AI summary unavailable — showing source text] Real Property Tax Compensation Act - Directs the Secretary of the Treasury to make payments to each State and local governmental unit, upon application, to compensate it for the loss of real property tax revenues resulting from the location of exempt real property (owned or occupied by representatives of a foreign country or international organization) with such State or local governmental unit. Sets forth the eligibility requirements for such payments. Provides for regulations to be issued on joint application by governmental units or States.…