Property tax to kick in next July, says Noonan
Householders will have to start digging deeper when the property tax kicks in on July 1, 2013.
Finance Minister Michael Noonan said this would be the most likely date for the start-up of the property tax -- which is due to be one of the most controversial measures in the Budget.
He said that the impact of the tax on individuals would be assessed in the run-up to the Budget.
"We will not be collecting €1bn, as the IMF advised. Otherwise, the detail has to be worked out," he said.
Householders will be charged for half a year next year, with a full property tax bill on the way in 2014.
The property tax is expected to be based on a self-assessment model, with homeowners being asked to decide the value of their house.
The Revenue Commissioners are expected to compare the valuations for the property tax in particular areas to ensure that homeowners do not deliberately undervalue them.
In the Dail yesterday, Sinn Fein finance spokesman Pearse Doherty warned about the impact of the property tax on low and middle income groups.
But Mr Noonan defended the tax, saying: "An increase in income tax, for example, would be far more negative."