Positive effect on property value can be gained from the development of public transportation system. This study is aimed to identify the variables that affect the residential property price around the first phase of the Jakarta MRT station project construction. The variables were based on the data of Land & Building Tax Imposition Base (NJOP). From the statistical analysis (multi collinearity, paired T, ANOVA, and normality test), it is found that variables significantly affecting the residential property price are unit area, shared building, shared land, land area, building area, density, distance to MRT/CBD/hospital/favorite high school, and public park.