Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The tax is based on a self-assessment of the value of the property. If a house has any impairment, be it subject to flooding or a high instance of radon gas, the person assessing the value of his or her home will take it into account. If there is radon in a home and a similar house up the street does not have radon, the value should be marked down when submitting a return to Revenue. This is what Revenue has advised.

The valuations posted by Revenue on its website are for guidance purposes. They are not mandatory valuations. One of the problems experienced in introducing this property tax is the poorness of the available data. Revenue has put a great deal of data together and, generally speaking, its guidance prices are helpful, but they are not mandatory.

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