Abstract: It is one of the most basic functions of property tax to adjust wealth distribution and to enrich the main category of local tax system. This paper conducts microscopic simulation calculations with the CHNS household survey data. MT index shows that, while the per capita deduction setting at 35 square meters, the new property tax will kick the highest degree in progressivity. Further, using micro data to estimate the real estate tax revenue scale, it’s found that in the existing tax rate design new property tax revenue will account for less than 10% of the local tax income, simply suggesting that it cannot act as the main category of local tax. This study not only fills in the gap of empirical study of the current property tax theoretical research, but also provides important reference basis for the function definition of new property tax in the future.