Figures from the Real Estate Alliance showed that the price of the average three-bed semi in Waterford city rose by 10% to €190,000 in the last year.
The average cost of the property tax is around €190 in Waterford, but that figure could reach as much as €315 when the next valuation is rolled out in November 2019, due to increasing housing prices.
Brendan Twohig is from MK Brazil in Waterford.
He says homeowners in Waterford should expect a marked rise in their property tax.
"I think it's likely they are going to be surprised by the increase, because they might find themselves skipping a tax band," he says.
"They won't go from band 1 to band 2, they'll go from band 1 to band 3."
Brendan Twohig says people should get a valuation of their property to give themselves an idea of any potential increase to the annual tax.
"A lot of people did not get a valuation for the original P.T. (property tax)" he says, "but the one thing that has improved dramatically in the intervening years is the availability of information."
He's encouraging people to go online and check the property price register for an accurate valuation of their home.
