As title indicates, with report due to the 2012 Regular Session of the 2011 General Assembly. Requires study to consider existing exemption, exclusion and deferral programs, the use of true value as a standard for tax valuation, the current bases for altering a determined tax value, and differences between county procedures that affect property taxation. Authorizes the Revenue Laws Study Committee (Committee) cochairs to ask the Local Government Commission to designate an individual to serve as an ex officio member of an advisory subcommittee for the study. The subcommittee may include no more than four individuals who are not members of the Committee or of the General Assembly.