Calleary: Wrong time to introduce property tax

With less then a week to go until Budget Day, it is understood that the Cabinet is considering introducing a property tax which will be based on 0.2% of the value of the property.

This means a home worth €175,000 would pay €350 annually and a home worth €275,000 would pay €550.

The tax is expected to be introduced next July - meaning that homeowners will only be hit with half of the charge next year - and with a full levy in 2014.

However, Fianna Fail's Justice spokesperson Dara Calleary said that it is not the right time to introduce such a tax: