The government has faced a barrage of criticism from opposition politicians and some financial commentators since the publication by the Department of Finance last week of reports into the operation of 24 property tax schemes highlighted a number of examples of incompetence and inefficiency.

"Of course there were flaws in the schemes, and we all know there were a small number of investors who avoided paying a lot of tax, " says Liam Farrell, an auctioneer in Carrick on Shannon, Co Leitrim.

"But sometimes I think financial consultants don't live in the real world. What these consultants have produced are inaccurate and simplistic reports.

"The rural renewal area of South Sligo, West Cavan, Leitrim and North Roscommon has the lowest density of population in the country, the lowest rate of inward investment and the highest unemployment.

"When the rural renewal scheme came along, it was the single most important piece of fiscal legislation to be bestowed on us. It kickstarted and underpinned developments in Carrick on Shannon, Boyle, the villages of Keshcarrigan and Ballyconnell . . . in fact, the whole area, wherever you go."

Many projects were introduced without costings and were continued without oversight or benefit analysis, Indecon International Economic Consultants reported on property-based schemes. Tax benefits had accrued to "a relatively few high income individuals", Goodbody Economic Consultants stated.

The reports indicate that tax savings of almost 3bn have been made in recent years, mostly by high net worth individuals. And estimates of future capital expenditures in those schemes where tax relief is still available indicate that additional savings of some 800m are set to be made in the coming years.

Farrell called into question the suitability of Goodbody consultants to carry out an impartial and objective analysis of the schemes.

"We're talking about a small consultancy group, a branch of a stockbroking firm which makes its money selling stocks and shares . . . and which is in direct competition with the property investment business.

"What we're looking at here is supply economics. When you create housing, you have units available for occupation.

If someone like Tesco or MBNA consider locating in an area like ours, one of the first things they'll look at is whether there's adequate accommodation for workers.

"A lot of Eastern European workers . . . the people driving our construction industry . . .

along with workers in various service industries are availing of this extra accommodation.

"There's a holistic aspect to all these developments that isn't considered at all in these reports, " Farrell claims. "It's a simple fact that, without the tax incentive schemes, we'd have had nothing like the level of development we've enjoyed over the past 10 years.

Quite simply, the banks would not have supported it and developers would never have gotten involved."

Fine Gael spokesman on finance, Richard Bruton, described tax relief as "a blunt instrument for achieving social or economic objectives", while Labour's finance spokeswoman Joan Burton said the reports showed that tax incentives were "a rich man's game".

"Election fever is kicking in, and what we're seeing and hearing is manufactured outrage from some deputies in the Dail, " says Fintan McGill of Sherry FitzGerald McGill in Longford town. "I've seen no evidence of super-rich individuals coming down here and buying up, say, six or eight apartments. I'm not aware of any investor who bought more than two units in this area.

" What tax incentives have achieved is they've afforded young couples who couldn't previously have dreamt of buying a house an opportunity to buy a starter home.

Property tax incentive schemes have transformed rural Ireland, according to McGill. "There's been an enormous degree of regeneration of neglected towns and villages. The new M4 has opened up access to this area.

The economic spin offs are incalculable. For example, Flancare are investing heavily in the town of Longford by building an 80,000sq ft distribution centre here.

"The high-quality accommodation that's coming onstream is reflecting the new-found economic confidence in the area. The new marina at Tarmonbarry is almost sold out after only a year and a half."

Marie Hunt, director of research at CBRE, says it is unfair to claim that all the property tax incentive schemes were in some way unworthy, or that they were just a vehicle for high net worth individuals to shelter money, "Undoubtedly, some people did exploit some of the schemes in that way, " she says. "But big investors were drawn to specific schemes.

"Typically you're talking about a consortium of perhaps 10 wealthy individuals put together to raise maybe 2m to build a hotel. But I don't think there's any evidence of high net worth individuals going out buying a Section 23 apartment."