A bill to amend title V of the Housing Act of 1949 to allow certain property held by the United States under such title to be subject to certain taxation by appropriate State and local entities.

Amends the Housing Act of 1949 to provide that States, territories, and district and local political subdivisions may tax property subject to liens held by the Federal Government and specified property held by the Secretary of Agriculture pursuant to the farm housing program in the same manner and to the same extent that other property is taxed.