Revenue will be tasked with closely monitoring home valuations, with the Government putting their trust in homeowners to accurately value their houses under the new property tax system.

Taxpayers will be asked to fairly value their homes using a range of factors including the Revenue’s interactive property map and the Property Price Register ahead of the November deadline for the revised scheme.

Homeowners will also be encouraged to look at house prices advertised in newspapers and online to determine how much their property is worth.

Valuations will be reviewed by Revenue and homeowners will be contacted and challenged if is believed their property has been undervalued.

Homeowners who are found to have undervalued their homes will be forced to pay backdated taxes with interest.

“Revenue have the power to challenge valuations and the data to challenge them,” a ­Government source said.

Speaking at the launch of the new property tax system, Finance Minister Paschal Donohoe said: “If the Revenue Commissioners become aware of issues in relation to declarations being put forward that are inaccurate, they will follow up on it.”

However, Mr Donohoe said the “vast majority” of people have given correct values when paying the tax.

Figures released by the Revenue Commissioners show 14,900 people corrected the value of their homes since the tax was introduced eight years ago.

This is a combination of homeowners self-correcting their property values and Revenue challenging valuations.

Last year, 803 people corrected the value of their homes.

Meanwhile, Mr Donohoe said people who buy new homes in the coming years will be asked to provide a valuation based on the value of a similar house built in November of this year.

The new property tax system will not be reviewed until 2025, meaning that taxes will continue to be based on 2021 prices whether house prices go up or down.

“We will have to give particular help to allow that to happen and the reason why we have to do that is in order for the tax to be fair,” Mr Donohoe said.

Separately, Mr Donohoe sparked opposition anger by seeking to avoid pre-legislative scrutiny of major reforms of the property tax system.

Mr Donohoe wrote to the Oireachtas Business Committee seeking to avoid pre-­legislative scrutiny of the first significant changes to property tax legislation since it was introduced in 2013.

In his letter to Ceann Comhairle Seán Ó Fearghaíl, who chairs the committee that decides Dáil business, the minister said he is seeking a waiver as he wants the new legislation in place before the summer break.

“The intention would be that the legislation would be in place before the summer recess in order to provide the Revenue with the statutory basis to make necessary preparations, including IT systems development and the processing of returns in respect of approximately 1.9 million properties,” Mr Donohoe said.

Social Democrats co-leader and former Oireachtas Business Committee member Catherine Murphy said it is “entirely inappropriate and wrong” for Mr Donohoe to seek to avoid pre-legislative scrutiny

“Under no circumstances can they come out of nowhere with this revised property tax scheme and expect the Opposition to waive pre-legislative scrutiny,” she said. The Kildare North TD said she envisages “significant issues” with the legislation which should be teased out before it is introduced to the Dáil.

Sinn Féin, the Labour Party and Independent TDs are also understood to oppose the waiver.