HOMEOWNERS will be asked to put a value on their own house for the introduction of a full property tax next year.
But be warned — anyone caught trying to deliberately undervalue their home will face severe penalties, according to leaked Government reports published today.
The introduction of a property tax, based on the value of homes, is expected to cost families around €300 a year for a standard three-bed semi-detached house.
Homeowners will be asked to tick off a value for their house from Revenue checklists to be sent out next July.
The value-based nature of the tax will mean that homeowners in Cork city will end up paying more than those in the county, because property values are higher in the city.
Cork South Central TD Michael McGrath, Fianna Fáil’s spokesman on finance, has criticised the Government for failing to consider ability to pay.
“It’s almost impossible to know what the value of a house is now and many families simply cannot afford another €300 at this time. I’d urge the Government to renegotiate this with the Troika, or at least postpone it for a few years until the economy picks up.”
Labour TD Ciarán Lynch said every effort would be made to ensure the tax is equitable and fair.
He said the owners of ‘trophy homes’ would face a higher rate of tax, but that household income should also be considered.