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Karl Deeter, operations director with Irish Mortgage Brokers in Dublin said he was in favour of a property tax if it was implemented correctly and if less income tax was paid by taxpayers. ‘‘People would be more willing to spend more if income tax was reduced. It would prove to be productive.”

‘‘The second homes tax is an example of revenue raising, the only justification is that it is a tax on owning an asset. Literally I could own a castle or a cottage and I’d have to pay a flat tax it’s stupidity. The introduction of a property tax would have to mean scrapping the second homes tax,” he said. ‘‘Otherwise it doesn’t make sense, and the property tax should be offset against investors’ tax bills. The property tax should be allowable as an expense for investors.”