Average property tax estimated at €315

Average property tax estimated at €315

The property tax is expected to cost the average household €315

Latest estimates are putting the average property tax facing householders next year at around €315.

According to newspaper reports this morning, the payment will range between €200 and €400 for most people, depending on the value of their property.

Michael Noonan will be finalising details of the property tax in the coming days, but according reports much of the system has now been signed off by the Cabinet.

As expected, it will rely on the assessment of the individual homeowner who will fit their property into bands divided into €50,000 amounts.

The actual rate of tax has not been finalised, but it is expected to be either 0.2%, or 0.25%.

Applying those rates to the current national average house price of just under €157,500, would leave householders facing an annual charge of around €315.

However, it was revealed in recent months that we will only have to pay half the yearly amount next year, so the full tax will not kick in until 2014.

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