Auctioneers concerned about property tax speculation

The Irish Auctioneers and Valuers Institute has expressed concern about speculation that a property tax may be introduced in next week's emergency Budget.

The organisation says that, if a tax is introduced, then the Government should also reduce or abolish stamp duty on houses.

The IAVI says any hopes of a recovery in the property market would be quashed if a property tax was introduced in addition to the current stamp duty rates.

It is also urging the Government to consider tax relief or a VAT rebate for first-time buyers who are likely to be hit with PAYE increases.