Mr. John Hogan:

These are key issues which we need to look at as we examine where we go with local property tax, LPT. Ultimately, the LPT is a mix of three things. First is the overall yield, the second is the appropriate rate and the third is the base. If we include properties that have been exempted, the base broadens. The question of yield is for the Minister to determine in the context of the role he wishes local property tax to have in the overall contribution to State revenues. In a committee meeting with the previous Minister for Finance, he articulated the three factors that were in play and made his adjustments on the basis of them.