Two ministers have moved today to quell speculation that the forthcoming property tax will be based on house values.

Minister for Communications Pat Rabbitte and Minister for Transport Leo Varadkar said no decisions have yet been made.

The Government indicated to the Troika on Friday that a "value-based" property tax was being considered.

In its latest report to the Troika, the Government said details of the design and collection methods of the tax would be included in draft legislation to be published later this year, around the time of the Budget.

Ministers Rabbitte and Varadkar said today the term value-based did not necessarily mean the value of the house, but could also mean the value of the site.

A report on how best to implement the property tax is currently with Minister for the Environment Phil Hogan. It is expected to go before the Cabinet soon.