With that in mind, it appears inevitable that a new tax will be upon us next year – namely the property tax.
Whether you agree with it or not, the new tax’s introduction is only a matter of when and how rather than if.
Of course, the need for it can be debated. Is it fair to change the goal posts midway through a game? After all when you bought your home there was no property tax and stumping up for it was certainly not in your budget.
Many people also paid stamp duty in the last number of years, while many more are in arrears and an extra charge is just not feasible given their current financial state.
Pat Rabbitte said that the property tax was an alternative to going back to the worker looking for more money but, in many ways, this is a hollow excuse as very few people will get a mortgage without a job and even fewer will be able to repay one without some form of regular income.
The government, while required to make savings, must heed the warning that you can only make so many cuts before a person bleeds to death.
Since the boom ended there has been a Universal Social Charge brought in, VAT has gone up, a private health insurance levy and a private pension levy have been introduced, pensions have been taxed and a household charge has been brought in.
Many people are also earning a lot less than they were three or four years ago.
That being said, the property tax is on its way and the only major question hanging over it is how exactly it will be implemented.
The two main options being bandied about are based on the value of a home and the site value.
Both are complicated, firstly because who exactly determines what a piece of land or a home is worth? Sure, estate agents can provide valuations but they can change almost at the drop of a hat (how many people wish their home was worth what it was five years ago?).
The major problem with a tax based on the value of your home is that it also discourages people from maintaining and extending their homes. If you build an extension, the value of your home will rise but so too will the amount of tax you pay on it.
Similarly if you put solar panels on the roof, your home value will rise. A recent study showed that improving a property’s energy rating from C to B boosts its value by 3% but under a value tax this would also add 3% to whatever property tax payment you make per year.
Equally the site value tax poses a fear for those in urban areas. A three acre site in Foxrock in Dublin is currently for sale on MyHome for €5 million. However, a similar sized site in a rural area wouldn’t cost a tenth of that.
Either way, there are some interesting times ahead.
Today we ask which option you would prefer and what your thoughts are on the property tax.
Vote in our poll below and have your say…
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