Fine Gael is calling for a review of the Local Property Tax (LPT) rates.

The party said the review is needed to address homeowners' concerns who are living in areas where there has been a rise in house prices.

Fine Gael TD for Dún Laoghaire, Mary Mitchell O'Connor, said the house prices in her own constituency of Dún Laoghaire have increased in recent months and home owners in the area may be faced with a rise in LPT when the scheduled review takes place at the end of 2016.

-- Advertisement --

She has contacted the Minister for Finance, Michael Noonan, expressing her concerns about the impact an increase would have.

She said: "In the period since property value assessments were completed for Revenue in 2013, house prices in Dún Laoghaire have risen by more than 42 per cent. The tax was set at €675 for a property worth between €350,000 and €400,000 but such properties could be worth well over €500,000 by late 2016.

"The local property tax has been designed with three-year reviews to ensure predictability, and to prevent shocks for taxpayers so I am confident that any changes to LPT would be announced well ahead of the next review."

(CD/JP)