Property Tax Fairness and Community and School Fiscal Stability Act of 1991 - Amends Federal transportation law to define "true market value" with respect to rail transportation property to mean the actual fair market value of such property as determined by the assessing State officials, State subdivision, or any authority acting for such State or State subdivision, and as modified upon State court review, if any, before application of any assessment percentage or ratio.

Repeals a specified provision that prohibits such entities from imposing another tax that discriminates against a rail carrier because such act unreasonably burdens and discriminates against interstate commerce.

Grants exclusive original jurisdiction to determine the existence of violations committed with respect to the assessment of the value of rail transportation property or the imposition of a tax on such property to State administrative and judicial agencies (currently, jurisdiction is concurrent with U.S. district courts and State courts).