Under the new normal background, promoting the property tax reform must fully consider the inherent tension of stabilizing growth and promoting reform. This paper develops the framework of Iacoviello and Neri (2010) and establishes a three-sector DSGE model containing heterogeneous families sector, production sector and government sector to simulate the impacts of the property taxreform on macro economy. The simulation results show that, during the exertion of the programs containing Tax-exempt areas and tax deduction, and meanwhile the tax rate is 1.2%, the GDP will decrease by 0.38%, the real estate investment will decrease by 4.71% and the housing price will decrease by 1.30%. The impacts of tax reform on macro-economy will be effectively offset. The next step of the property reform should follow the principles of keeping steady, lowering rates and maintaining flexibility．