Thousands of homeowners in Ireland face major increases in their property tax due to house prices rising by up to 50% since the initial evaluation in 2013.

Fianna Fáil has said the rising property market is storing up a 'timebomb' for homeowners based on the current property tax law, unless the Government takes action.

Dublin spokesperson Darragh O'Brien said: "Fianna Fáil is presenting legislation today that would remove the strict valuation date for 2016 from law and give the Oireachtas the discretion on revaluation. We said at the time the government introduced the legislation that it was extremely unfair and an anti-urban tax.

-- Advertisement --

"For most properties, the effect of moving up one valuation band is an extra €90 per year. Some homeowners in Dublin though could see their home rise by three or four valuation bands, adding up to €360 to their annual property tax bill.

"Fianna Fáil has put forward a common sense measure to stop this. The party is committed to a fundamental review of the property tax which takes account of people's ability to pay. We also want to repeal the revaluation in 2016."

(CD/JP)