Mr. Niall Cody:

The Finance (Local Property Tax) Act 2012 provides for what is to happen in November 2016. It provides that the first valuation period is three and a half years and that there will be a three-year valuation period thereafter. The local property tax legislation, as it currently stands, provides that a revaluation based on values at 1 November 2016 will be valid for three years. As Deputies will be aware, the Minister has asked Dr. Don Thornhill, who was involved in the original report on what type of property tax should be introduced, to carry out a review of the valuation process and a number of other features of this matter. His terms of reference are to review the operation of the local property tax and to make recommendations on issues that arise from the review. In particular, the review will have regard to recent residential property price developments, the overall yield from the local property tax and its contribution to total tax revenues on an ongoing basis, and the desirability of achieving relative stability in the local property tax payments of liable persons over the short and longer terms. Dr. Thornhill will also review a number of specific issues, such as the process around pyrite. My understanding is that the report of the Thornhill review is due to be submitted to the Minister between the end of June and the middle of July. I think that is the target that was set. I presume it will be submitted before the end of July. I understand that Dr. Thornhill will submit his report to the Minister. I do not think I am breaching the policy guidelines when I mention that the Minister has said he will consider Dr. Thornhill's report in the context of the budget. I am not privy to his plans. He will review the report and put forward his proposals. I will explain what our involvement has been. Obviously, we have all the data. We have provided reams of data on stamp duty, for example. If there is a revaluation, we will have to update our valuation guidelines. We have played a full part in supporting Dr. Thornhill and the Department of Finance. We consider that whatever decision the Government will make is very much a policy matter.