The Jobs and Enterprise Minister says the government is considering all options when it comes to the new property tax but insists that no decision has been made yet.

The Irish Independent says homeowners will have to value their own house in order to comply with the new tax from next July.

It is reported that there will be stiff penalties for people who undervalue their home.

It is believed that homeowners may simply ‘tick’ the value of their house on a checklist supplied by Revenue.

The list is expected to be posted out on July 1st next year.

A publicity campaign around the issue is to begin in March, according to the Irish Independent.

It also says that the value of homes will be divided up into different bands.

The amount of tax due to be paid will purportedly rise with the value of the property.

Minister Richard Bruton says everything is up for discussion.

He says self-assessment has been used in the past.

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