Maureen O'Sullivan (Dublin Central, Independent)
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To ask the Minister for Finance the measures he is taking in relation to property tax for those homes where the market value is significantly questionable and problematic as they are unable to secure insurance against flooding; and if he will make a statement on the matter. [6061/13]

Michael Noonan (Limerick City, Fine Gael)
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The legislation governing Local Property Tax (LPT) is contained in the Finance (Local Property Tax) Act 2012 which was enacted on 26 December 2012. The legislation sets out in detail how the tax is to be administered and provides how a residential property is to be valued for LPT purposes. There is no specific exemption from the Local Property Tax for the type of cases outlined in the question from the Deputy. I am informed by the Revenue Commissioners that Local Property Tax (LPT) is a self-assessment tax so in the first instance it is a matter for the property owner to calculate the tax due based on his or her assessment of the market value of the property and the impact of serious and regular flooding on a property would be one of the factors that a property owner would take into account in valuing their property.

In addition, one of the advantages of the banding system of values provided for in the legislation is to remove the need for precision in relation to the market value, except for properties worth over €1million. The Revenue Commissioners are preparing valuation guidance and developing a guide to assist liable persons in assessing the value of their property which will take account of location. Where these guidelines are used honestly, together with a liable person’s own knowledge of their property, the property valuation will not be challenged by Revenue in accordance with their normal Customer Service Charter.