In its place is a new simplified system with two flat rates: 1% payable on all properties up to €1m, and 2% payable on all properties over €1m.
They replace a complicated system of stamp duty which required buyers to come up with 7% on properties valued over €125,000 and as much as 9% stamp duty payable for properties over €875,000.
The new rules, which came into effect on 8 December 2010, will hit first-time buyers who constitute the majority of those who are purchasing homes during the recession.
However, the new rules have been welcomed by those in the property business who believe it might get the near-comatose property market moving again.
