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

I will continue to carry out my duties until I am replaced by an incoming Minister for Finance. I told the Deputy in February that a householder who posted a new valuation to Revenue could have his or her local property tax liability significantly reduced, if not eliminated completely. In other words, a person who valued his or her property in one of the higher bands before the appearance of pyrite in the building can reduce the valuation to the lowest band, from zero to €100,000, now that pyrite has appeared. I emphasised to the Deputy that in such circumstances, Revenue could not eliminate completely the need for a valuation. However, when it is administering the scheme, it can accept a change in the valuation of a property such as those with which the Deputy is most familiar in her local authority area in order that the householder will pay the lowest level of €90, which could fall to approximately €70 if the local authority has exercised its discretion to reduce the rate by 15%, rather than the €213 level. That is the position. I never said we had changed the law in that regard. I said the valuations posted in 2013 could be changed if they had subsequently proved to be excessive.

See this speech in context