Fianna Fáil is demanding the Minister for Finance publish the Thornhill Report immediately. The report sets out many options to deal with the rise in property tax.

Deputy McGrath said: "Publishing the report now will allow a full national debate on the best course of action to be taken. It would not be acceptable for the Minister to come to the Dáil on budget day and present his proposals as a fait accompli.

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"The scale of the problem that needs to be addressed is clear. According to CSO data house published in June, prices in Dublin have risen by 40% in the 25 months since the last valuation date while apartment prices have risen by 50%. Nationally prices have risen by over 25% since May of 2013.

"For most properties, the effect of moving up one valuation band is an extra €90 per year. Homeowners could see their home rise by three or four valuation bands adding up to €360 to their bill.

"The LPT yielded €491m in 2014. The estimated figure for 2015 is €440 million as some local authorities have implemented a reduction of up to 15%.

"The additional revenue that would be generated from a revaluation is likely to be in the order of €120m – €150m. There is simply no justification for a tax increase of this level."

(CD/JP)