Rates reform consultation launched

Wednesday, 18 March 2015 00:00

A public consultation is looking to update the rates system on the Isle of Man.

As it stands the 'rateable value' of a property is determined based on the rental income it would have earned in the 1960s.

Properties would be grouped into nine valuation bands ranging from below £125,000 to above £1 million.

Those in the top band set to pay eight times more than those in the bottom one.

We asked Treasury Minister Eddie Teare why it's taken so long to reform the outdated system:

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