However, the Commissioners of Public Works, in putting a value on President Michael D Higgins’s home, are not seeking to cash in on the recent upsurge in Dublin property prices by looking to hawk off the property to any cash-rich overseas investors.

Instead, the State agency is — like every other homeowner in the country — fulfilling its obligations to the Revenue by putting an estimated value on its property as part of the Government’s property tax scheme.

In a written Dáil response to Kevin Humphreys of Labour, Minister for State Brian Hayes confirmed the Commissioners has included the Áras in the Revenue’s Band 14, valuing the house between €700,000 and €750,000.

Observers may be surprised at the relatively low value placed on the Áras when one considers the State residence contains a large ballroom, a drawing room, large and small dining rooms, and a number of 18th and 19th century bedrooms, along with the celebrated Francini corridor that is lined with the busts of past presidents.

However, President Higgins won’t be footing the €1,305 property tax bill for the 18th century home in 2014. That will be paid by the State, which paid €652 in property tax on the Áras for 2013.

Mr Hayes said the State has put a higher value on the much lesser known Steward’s Lodge — official residence to the Taoiseach.