Several of the Minister's colleagues have signalled a review of the local property tax, LPT, including the Minister for Finance, Deputy Donohoe, this morning. We had advised Government from the outset that the local property tax was not a progressive but a punitive tax on the family home. It seems the penny has dropped as property prices and home values are rising not least in Dublin. The Government should be abolishing this tax. As it seems it will not do that can the Minister tell me when this promised review will be completed and will it require any legislative change?

I understand that the Minister has announced that a review will take place from now and hopes it will be completed by the end of August. The valuations on which LPT are now paid were set in May 2013. They will remain the same for 2018 and 2019. There could, however, be revisions on value as of 2020, based on market prices. The Minister has signalled his intention that people would see relative stability in the level of LPT they would pay. He has indicated that there will not be a massive expansion in people's bills. He has also signalled that there should be a review of the structure of the tax. It is a broad-based review. There will be the opportunity for public consultation and for individuals to make their views known. He has reassured people that the rise in property values will not see a surge in their liability. Instead, he expects to see a stable source of revenue coming from this which raises approximately €500 million at the moment.

This tax has made a very important contribution to sustaining services at a difficult time and has moved us away from a very volatile source of property tax in the past, stamp duty.