Subject to enactment of the Finance (Local Property Tax) Bill 2012, the valuation mechanism for determining the value of social housing units that are relevant residential properties whether in the control of a local authority or an approved housing body will be as for any other relevant residential property within the charge to the tax and will based on chargeable value as set out in the Bill – the price which the unencumbered fee simple of the property might reasonably be expected to fetch on a sale in the open market were the property to be sold on the valuation date in such manner and subject to such conditions as might reasonably be calculated to obtain for the vendor the best price for property and with the benefit of any easement necessary to afford the same access to the property as would have existed prior to that sale. The nature of the residential property will be reflected in the chargeable value. Where the owner of a residential property is a charity or a body established by statute and the property is used solely or primarily to provide special needs accommodation – that is accommodation provided to persons who by reason of old age, physical or mental disability or other cause require special accommodation and support to enable them to live in the community – that residential property will be exempt from the charge to the Local Property Tax.