Pearse Doherty (Donegal, Sinn Fein)
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If the value of land increases and we take the portion of the increase every year, then the tax that is paid on that is 3%. The landowner will be able to maintain 97% of the portion of the land value increase each year. If the land value increases by more than 3%, there is a benefit for the landowner to do what is happening across the State, which is hoarding. That is the problem here. What is the rate of land value inflation in recent years and what are the Department's projections for it? That is fundamental to this tax.