Property tax policy should not only guide the healthy development of the real estate market, but also should be a catalyst to stimulate the regional consumption upgrading and to boost the high-quality development of regional economy. Taking the 2011 real estate tax reform pilot in Chongqing and Shanghai as a natural experiment, the synthetic control method was used to evaluate the impact of real estate tax policy on local residents' consumption. The research shows that the impact of real estate tax on local residents' consumption is obviously different due to the different implementation rules of policies. The "Chongqing model" has stronger policy effect and fairness but has continuous inhibitory effect on regional consumption and is not conducive to consumption upgrading. The "Shanghai model" restrains the consumption of residents at the initial stage of the policy, but finally the inhibition effect disappears and the consumption rises. The effect of property tax policy is not only related to real estate tax policy itself, but also is closely related to related policies and institutional environment. According to the research, the formulation of real estate tax policy should not only focus on the real estate market, but should consider the development of other economic fields in the region. Property tax reform should not only have related matched institutions but also should fit for the reform of other fields.