Value-based property is a tax step too far

So, Finance Minister Michael Noonan has put us all at ease by dismissing pressure from the IMF to levy house owners with a 0.5% property tax — it’s more likely to be closer to 0.25%.

So a house valued at 200k will pay €500 a year. This will not put the majority of people at ease.

If this is a second hand house bought when prices were at their peak, which would have been close to 400K, stamp duty of €30,000 would have been paid. This equates to 60 years of property tax. Hardly fair to now have to pay more?

We’re also led to believe that house prices have hit rock bottom so when they do start to increase so, too, will property tax. A value-based property tax is just one step too far.

Richard Leahy

Ballincollig