This paper deals with some allocative effects in the Spanish owner-ocuppied housing market that may result from different tax policies, particularly those related to the personal income tax. The framework is a computational asset-market model of housing, and the experiments to be performed range from the recent (1998) reform of individual income taxation in Spain to the introduction of investment versus savings incentives designed to increase the amount of housing stock/services. The questions to be addressed concern the long-run (i.e., steady-state) effects on the real price of housing asset and the stock of residential capital as well as the dynamic paths according to whether the economic agents have rational expectations (i.e., perfect foresight) or static expectations.