Some households could be facing an increase of close to €300 in their property tax in 2017, it has been warned.
Next year will see a re-evaluation of all property values following the three-year freeze on the charge.
Tánaiste Joan Burton said that the Government is taking the issue very seriously and is considering imposing a cap on the amount of money that can be levied against a home.
Fianna Fáil finance spokesperson Michael McGrath said that if action is not taken, the bills will be substantial.
"Every band that you move up is an additional €90 and because of the increases in property values that have taken place since 2013, some people will be going up by two or even three bands," he said.
"So it's simply not sustainable for households to be facing that additional burden, and I'm glad the government is finally getting around to reviewing this."