Isle Of Man / Ellan Vannin

Isle of Man rates reform: public consultation launched

The Manx government's plans to reform the island's rates system are being put out to public consultation.

The rateable value of homes on the Isle of Man is currently calculated by estimating the rental income it would have earned in the 1960s.

Treasury Minister Eddie Teare said it is "decades out of date" and "full of anomalies [which] can produce big differences in bills between nearby properties with the same market value".

The reforms would be revenue-neutral.

Nine rates bands, based on the amount a house would fetch if sold on the open market, would be introduced under the proposals.

The government said that while some households would pay less, and some more, the overall amount of tax raised would remain the same.

The consultation can be filled out online.

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