Dublin city councillors have voted to reduce the Local Property Tax rate by 15% for 2016.
The decision means homeowners in the area are currently due to pay the same rates of property tax in 2016 as applied in 2015.
In a report issued to councillors, Dublin City Chief Executive Owen Keegan had advised councillors not to implement any adjustment to the standard rate for 2016.
He highlighted the service provision that would be foregone in the event of a reduction in the rate, including investment in services in libraries, footpath improvements and senior citizens measures.
The report outlined that the estimated yield for the property tax in 2016 for Dublin City Council would be €77.5m, however a 15% reduction will see this figure reduce by more than €11m.
Dublin City Council is one of six local authorities that have the power to apply an adjustment of up to 15% to the standard Local Property Tax rate for 2016.
All four local authorities in the greater Dublin area have now voted to introduce a reduction of 15% in the LPT rate for 2016.
Local authorities have until the end of this month to inform the Revenue Commissioners of their intentions regarding the property tax.
In the vote at City Hall this evening, 47 members voted Yes, 12 voted No and there was one abstention.
Fine Gael, Fianna Fáil and Sinn Féin had brought separate motions calling for a reduction of 15%.
The Sinn Féin motion was supported by People Before Profit.
Speaking about the motion, Sinn Féin Councillor Cathleen Carney Boud said her party in government would abolish the Local Property Tax.
Labour Party councillors proposed a 7.5% reduction in the LPT rate.
Green Party members proposed a motion supporting Mr Keegan’s position that there be no adjustment to the standard rate.
The move means that a home valued at €325,000 in May 2013 currently has a property tax liability of €497 for 2016, as applied in 2015.
It had been planned that the valuation of properties in 2013 for the purpose of calculating the tax would remain in place until the end of next year.
However, Minister for Finance Michael Noonan is expected to make an announcement on property tax in the upcoming budget.
It is understood Mr Noonan is not considering any adverse increase in the rate, and a spokesperson said the minister wanted to give as much certainty and as little change as possible in relation to the tax.
A review carried out by Dr Don Thornhill into the Local Property Tax is due to be published ahead of the budget.