Mr. Keith Walsh:

The Thornhill analysis was carried out in 2015 and, as the Deputy said, property prices have increased continuously since then. One would expect LPT liabilities would have increased over that period too. The main point is not to assume that a property price increase leads to an increase in valuations because of the banding system. It is important to bear in mind that a fair proportion of the properties in the first valuation period in 2013 fell into the first valuation band of €0 to €100,000. That valuation band is wider than the other valuation bands which go up in intervals of €50,000. Properties in that band would be less impacted.

Aside from that, the points the Deputy is making are valid. It was the Department of Finance which undertook this analysis. As far as I am aware, it has not updated the analysis since then.