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

The Revenue will try to establish what is a reasonable average price in respect of the houses in a particular area. It seems that it will be relatively simple for those who live in housing estates. With once-off houses, it is a little more difficult. In the context of houses in rural areas which are encumbered by farm buildings, slurry tanks or whatever, the market value would be lower because it is more difficult to dispose of them. On the other hand, there are some very big houses on large sites in rural areas and they will attract whatever value the Revenue decides in respect of them. The Revenue will give guidance in this regard and I am of the view that the system will work. The system will be one of self-assessment in accordance with guidelines. The fact that one will not be asked to decide the precise worth of one's house but that one will rather be obliged to place its value within one a certain ¤50,000 band leads me to believe that what we are attempting to do will work.