It has been reported in the Irish Independent that the new property tax, now to be collected by Revenue will be implemented as follows
- The householder will value their own property using local property prices as a guide, a database of which will be made available. These valuations will be spot checked by Revenue.
- The property valuation will then be used to determine which band the property falls. These bands we are told will be fairly wide. The property tax will be in the range of 250 to 450 euro depending on which band the property falls into.
- The householder will be able to choose the method of payment, including by credit card, direct debit, instalments or monthly deductions from wages for PAYE employees.
It has yet to be announced by Revenue as to how the deductions will be handled if they are to be deducted from the PAYE employees wages. Any of the above could be changed by the time the Budget is finally introduced in December.