Dr. Keith Walsh:

To add to Ms Walshe's answer, the date of the extension work in the example the Chairman mentioned is important. Property owners will be asked to put a value on their property on 1 November this year. That valuation will be the basis for property tax over the next four years. At the moment, all properties are taxed on their value as of 1 May 2013. If those two properties in the Chairman's example are side by side and neither had an extension on 1 May 2013, they would have the same value for the purposes of LPT. If one has put on an extension in the period since 1 May 2013, the value will not have updated until the new valuation period from 1 November this year. Additions or amendments to houses do not impact on the valuation until the next valuation period comes in.

From a Revenue perspective, I cannot comment on a site value tax. I do not know if Ms Walshe wants to say anything about that.