Thomas Byrne (Fianna Fail) | Oireachtas source

I compliment Senator Barrett because the main talking point around the country on the property tax is how we will value our homes. There are so many developments in the property market, for example, banks are selling houses off very cheaply.

Senator Barrett spoke more on the other side of the equation, referring to policy measures which, he states, distort the market the other way, but people are asking how they will value their house. People tell me that no house has sold in my area for the past number of years, except one that was repossessed at a very low price, and they will need considerable guidance.

I have looked at average property values in towns across my constituency, but only in one town were there 50 or more properties sold. One is looking at a small sample of properties. In one town, the valuation looks quite low but there were many low-priced houses sold. Those who think their house is worth more would look at this and say that their property is worth much less by comparison, and might get a shock. In other towns, they will get a shock when they see the sale of properties and the prices that they are going for on average, but they do not know the type of property being sold - whether it is a five-bedroom detached house or a three-bedroom semi-detached house. There is little guidance available. The property price register is good in so far as it goes but it does not give the detail necessary to allow people to value their homes. The question of what constitutes market value, which we oppose as a basis for the tax as we oppose the tax itself, is on the tip of people's tongues all around the country. It really needs to be addressed and clarified in the best possible way.