A PROPERTY tax based on house valuation is set to be in force by the middle of next year as part of the troika bailout programme.

Minister for Finance Michael Noonan yesterday insisted the system had not been finalised, but the Cabinet has agreed the tax will form part of December’s budget.

“It’s very hard on people – there’s no doubt that people are paying the price of what happened at the peak of the Celtic Tiger . . . I’m not making light of it. The issues are very serious and the burden being put on our fellow citizens is a very serious burden and they are having tough times.

“All I can say is if we stick with it, we are going to work our way through it.”

Indeed.