Finance Minister Michael Noonan has rejected an International Monetary Proposal Fund (IMF) that the household property tax be levied at 0.5%.

Mr Noonan said: I don't intend making a proposal to government at that level, I think it's too high.

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"It's simply advice from the IMF. We're not taking that piece of advice but we are taking the advice to have property tax."

Mr Noonan said the "government has to sign off on this".

He continued: If you divide €1 billion by 1.6 million houses in the country, I think that's too much for present families to bear."

(CD)