Property Tax to be reviewed

Property Tax to be reviewed

Minister for Finance Michael Noonan has commissioned a review into the Local Property Tax in the context of house price rises.

Fianna Fáil earlier called on the Government to postpone next year’s valuation date for the tax, saying homeowners would face higher bills if it went ahead.

The tax is currently calculated on the value of a home at May 2013 levels and is applied for three years.

Homeowners are due to report the updated value of their property to Revenue in November 2016.

Fianna Fáil says people will undoubtedly have to pay more as house prices have risen since the original valuation.

The party is to propose legislation which states the 2013 valuation should remain in place indefinitely or until the Oireachtas decides to change it.

Yesterday afternoon the Department of Finance said it was looking into the matter

Former public servant Dr Don Thornhill has been asked to conduct a review and will recommend what changes if any should be implemented.

His report is due to be completed this summer and the results will be considered in the context of Budget 2016.

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