The Minister for Finance has ruled out an International Monetary Fund proposal that the household property tax be levied at a rate of 0,5%, which is twice less of rate examined by ministers now.
According to IMF, a value - based property tax would be important as “a progressive and stable source of revenue”, and suggested a levy based on 0,5% of an individual’s home. This would see the owner of a property worth 200 000 euro forced to fork out 1 000 euro every year on the tax.
But Finance Minister Michael Noonan flatly rejected the recommendation. He said details of the property tax would be contained in December’s Budget, and it would be payable from next July. Mr. Noonan said it would be collected in a number of ways and the sanctions for non-payment would be detailed in the Finance Bill.
Source: http://www.irishexaminer.com/breakingnews/ireland/kenny-rules-out-implementing-imfs-property-tax-recommendation-566534.html