The 49-year-old suffered fatal gunshot wounds during the gun attack in Ballyfermot early on Sunday morning.
Gardaí have yet to establish a motive for the murder which was carried out some time between 3.30am and 5am.
No arrests have yet been made and gardaí have not yet recovered the firearm used in the first gun murder of 2022.
The scene of the killing at Thomond Road was sealed off this morning to facilitate a technical examination.
Mr Tormey has been described as a “family man” and “great friend” who had no known links to criminality.
It is understood that his wife and two children were also inside the property at the time of the murder.
Local People Before Profit councillor Hazel de Nortúin, who knew Mr Tormey, paid tribute to him today as news of the tragedy emerged.
“He was a very decent man, a family orientated man and he was a great friend to those who knew him.
“I never heard a bad word about him from the time I knew him, this is a tragedy.
“He only got married in 2019 and my condolences go to his wife and children. The community is completely shocked.
“I really want to extend my condolences to those who knew him and the community of Ballyfermot,” Cllr de Nortúin added.
Another friend posted an online tribute to Mr Tormey, describing him as “a complete gentleman and family man, a hard worker, a good provider and a truly beautiful soul”.
Gardaí are appealing for anyone with information in relation to the shooting to contact them.
They are continuing to carry out inquiries in the area which include reviewing CCTV footage and canvassing door-to-door.
A blue tent had been erected in the front garden of the property while the body remained at the scene.
The remains were removed to the city morgue before midday for a post-mortem examination.
Locals in the area have expressed their shock at the murder with public representatives calling for anyone with information to contact gardaí.
Fianna Fáil councillor Daithí de Róiste said his thoughts are with the family of the deceased.
“I am saddened to hear of a fatal shooting on Thomond Road this morning. My thoughts and prayers go to the family at this time.
“I am calling on anybody who saw anything relating to this tragedy, or who has any information about what happened, to please contact gardaí.”
Sinn Féin councillor for Ballyfermot and Drimnagh, Daithí Doolan, said the community is in shock following this morning’s shooting.
"The community is in total shock, he appeared to be a normal family man and neighbour and he was shot a five o’clock this morning," he said.
"Ballyfermot has suffered way too much violence and violent crime at this stage and it’s time that the gardaí and the Minister for Justice got a grip on it.
"They need to prioritise policing resources for Ballyfermot, we keep hearing that resources aren’t an issue well now is a time to redeploy resources to this community that has suffered from too much violence in recent years, and tackling gun crime must become a priority for this Government.
"It is literally costing lives and anytime there is a gun crime like this or a fatal shooting it sends tremors right through the community and it causes massive trauma and heartbreak."
A garda spokesperson said: “Anyone with any information in relation to this matter should contact Ballyfermot garda station on 01 666 7200, the Garda Confidential Line on 1800 666 111 or any garda station.”