SO NOW WE know – we’re definitely getting a value-based property tax. At least that’s what the Government has told the troika. Last week the silly season drew to a close with an intense public debate on the proposed tax, with the usual mix of talking heads taking to the airwaves, where they made up for the almost complete dearth of facts with plenty of sound and fury.

Some argued that the tax would be a failure because of the number of exemptions that would be necessary – for pensioners and young homeowners in negative equity, for the unemployed and for those who paid stamp duty.

Others said it would be a disaster because everyone would be required to pay a certain minimum amount.

Some economists believe that a site-based valuation is the fairest approach because it doesn’t distort economic activity, while others insist it’s a non-runner.

Then Fianna Fáil decided to liven things up, with Senator Darragh O’Brien calling on the Government to shelve the plan.

The only thing clear at this point is that the proposed tax is on track to become the most controversial measure we’ve seen since, well, the current household charge. However, at least we may get more clarity this week, as the Cabinet is expected to consider a detailed memo on the tax tomorrow.