Fianna Fáil Dublin spokesperson Darragh O’Brien has said the Government needs to provide reassurance to thousands of homeowners across the country who face major increases in their property tax when the revaluation date for properties falls due next year.

Under the Local Property Tax Act homeowners are required to revalue their properties in 2016 but house prices in Dublin alone have increased by up to 50% since the initial valuation in 2013.

“The rising property market is storing up a timebomb for homeowners based on the current property tax law unless the Government takes action,” said Senator O’Brien.

“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.

“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.

“At the moment the property tax yields €495m from 1.6m households but there is huge unfairness is how the legislation is applied.  Fianna Fáil believes this legislation being brought forward today will go some way provide reassurance for homeowners that they will not be facing huge increases in their property tax.”