According to a report in today’s Irish Independent, the Revenue Commissioners will sent out a checklist next July, where homeowners will be allowed to tick off the value of their home.
The Revenue will police the payment by carrying out spot checks comparing the value of houses in the same areas, imposing fines on those who undervalue their property.
Homeowners will apparently have the option of paying the tax by credit or debit card, cheque or direct from their wages.
It is understood the government are hoping to raise €500m from the tax, which would suggest a rate of 0.25% – working out at roughly €250 per €100,000 in house value.
The value basis means homeowners in urban areas, particularly the main cities, will end up paying more because their homes are worth more due to their location.
The deadline for payment is expected to be the start of July, with penalties set to be enforced for those who are late in paying.
The government is also said to be considering a super property tax for owners of large, high-value homes while they are also trying to develop a system that factors in household incomes.
A decision also has to be taken on giving relief or a discount on the tax to homeowners who bought at the height of the property boom.