A government decision to usher in property tax reform gradually, rather than at once, has spooked the stock market, already down 20 percent this year.

The ambiguity over the timeframe of its implementation may not go far enough in assuring homebuyers that it pays to be patient, as the proposed levy has the potential to drastically alter the cost of holding property.

Ever since the central government launched a campaign to cool the property fever in mid-April, realty sales in major cities have fallen sharply, partly due to people's wait-and-watch attitude, keeping home purchase decisions in abeyance.

Meanwhile, there is still little sign that housing prices are showing the expected decline. Official statistics indicate China's property prices rose by a record 12.8 percent year-on-year in April despite policy tightening measures.

The immense profits reaped by real estate developers during last year's surge in housing prices may have effectively cushioned them against the sharp slowdown in property sales thus far.

Yet, potential home owners have reasons to wait for a substantial correction in housing prices given the looming threat of a housing bubble and policymakers' tough talk to pierce it.

In addition to the slew of tightening measures, some sort of tax on property was clearly expected.

Such a tax, by increasing the cost associated with holding more than one apartment, can cripple speculators counting on irrational price gains to justify their massive home purchases.

The State Council's latest announcement that it would take a calibrated approach to the levy will, however, only prolong the agony for potential homebuyers, some of whom are quietly despairing whether such an opportunity would actually present itself.

Policymakers should urgently come up with better tightening measures to prevent pent-up demand from sending housing prices through the roof.