The Finance Minister says no decision has yet been made on the details of the new property tax.

It follows reports at the weekend that the government has told the Troika that it will introduce a “value-based” tax next year.

However it is not clear if the value will be determined by the site or the property.

Earlier Sinn Féin urged the government to abandon the plans for a property tax and introduce a wealth tax instead.

The party says people should only pay tax on assets totaling more than €1 million.

Sinn Féin finance spokesperson Pearse Doherty says neither a value nor site-based tax is fair.

“Whether it’s on a valued tax – it could be somebody living close to the city centre of Dublin, that the property would be valued at a high level – that that person may have lost their job, that their wife may have lost their job” he said.

“Or you could have the other situation for somebody living in rural Ireland if it’s a site-valued tax”.

“(They) could have the family home with a couple of acres and be in the same situation”.

“It is a flawed premise – it needs to be based on the ability to pay” he added.

Speaking to reporters in Limerick earlier Minister Michael Noonan said a decision will be made between now and Budget Day.