Using a home with an Annual Rental Value (ARV) of $30,000, it was explained that the value of a property is allocated to five different bands, $7,200 at a time, with a different calculation for each.

That would mean a house with a $30,000 ARV would be assessed at five different rates of tax and the totals added together before the 60 percent discount announced on Wednesday is applied.

The first $7,200 would be taxed at 1.5 percent, the second at three percent, the third at six percent, the fourth at 15 percent and whatever is left over, in this case, $2,000, taxed at 22 percent.

The calculation results in totals of $108, $216, $432, $1080, and $440 in the case of the $30,000 property.

Added together, that comes to a pre-discount total of $2,276 for the year -- with discount, that ends up at $919.40 payable a year, or $455.20 twice yearly.