Property tax is expected to boost the coffers of local governments and will also help curb realty speculation by increasing the holding costs.
China's economic growth rate has slowed but the country's economy is still on track.
As the property market cools and the stock market flounders, investors are hunting for safe havens or exploring new ways to make easy money.
China has taken a series of measures in recent months to curb prices in the residential property market, which soared 11.7 percent in March.
If there is a market more volatile than the stock market in current China, that must be the property market.
In China, young couples hope to live in a flat or a house of their own, as it is seen as a first step in starting a family. However, as housing prices in major cities soared in past years, this dream has become hard to fulfill. Statistics show China invested a whopping 3.6 trillion yuan ($527.30 million) in the property market last year, a 16 percent year-on-year jump from 2008. More and more economists warn about a real estate bubble, which may affect the sound development of China’s economy.