Dr. Keith Walsh:

The LPT rate is charged on the middle point of a valuation band. If one takes the current banding structure and one's property was valued at €120,000, that would fall within the property tax band of €100,000 to €150,000. The property tax for everyone in that band is charged based on the middle point in that band, which is €125,000 and then it is the LPT rate, the 0.18% of €125,000. What is happening with the revaluation process is that the bands are being widened by 75%, but with, as Ms Walshe stated, some differences for the first couple of bands. That structure still applies whereby the middle point of the new bands is where the property tax would apply. A lower rate than the current one would apply there.