This paper examines the transmission mechanism and coordination effect of housing credit and property tax regulation and control policies by implanting financial friction and dynamic property tax rules in a dynamic stochastic general equilibrium model including heterogeneous consumers, and finds that: first, the difference in transmission mechanism leads to different regulatory effects of the two types of policies on real house prices: when facing the impact of monetary policy, the effect of housing credit policy on real house price is better, and when facing the impact of housing preference, the effect of collecting individual property tax policy to suppress high real house prices is better; Second, both housing credit and property tax policies have the effect of inhibiting the rise of real house prices, but in terms of the durability of policy regulation and control, real estate tax policies are better than housing credit policies; Third, in the economic environment of the joint use of the two types of regulatory policies, the rational combination of housing credit and property tax policies can reduce the total social welfare loss.