H.R.3726: To amend the Internal Revenue Code of 1986 to allow the deduction for real property taxes on the principal residences to all individuals whether or not they itemize other deductions.

Property Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) allow state and local real property taxes paid on a principal residence as a deduction from gross income (thus allowing taxpayers who do not itemize their tax deductions to claim such deduction); and (2) exclude such deduction from the calculation of alternative minimum taxable income for purposes of the alternative minimum tax on individuals.