A bill to amend the Internal Revenue Code of 1954 to provide, for purposes of the deduction for real property taxes, that certain assessments on real property which are used to provide municipal-type services shall be treated as real property taxes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to permit a tax deduction for an assessment on any interest in real property if (1) such property is located in the United States; (2) the lien on such property for the assessment would prevail over a mortgage secured by such property under Federal law; (3) if such assessment is paid to a tax-exempt organization; and (4) the proceeds from such assessment are used by a tax-exempt organization to provide municipal-type services.…