The study tries to explore the factors affecting the relative house price movements in the last 20 years for Taiwan as well as other countries such as the U. S., U. K, and Japan with the dynamic factor model put forward by Otrok and Terrones (2005) with a particular aim to shed light on the relationship between the level of house prices and the tax burdens that are lay on their owners. Our preliminary results show that changes in interest rate as well as the international common trend of all the housing markets of the countries studied are the most important factors behind the scene of house price movements for the countries studied and property tax has negative effect on house prices for the U.S. and U.K only and its influence is barely statistically significant at 10% level. These results reflect the facts that the property tax plays a very limited role in the home purchasing procedure. Incidentally, we hope the adequacy of our data set may get improved in the coming months.