New rates model delayed - Treasury

The Treasury has plans for a new rates system - but they won't be in place by September's general election.

Today, Treasury member Bill Henderson MLC gave an update about changes to the Island's property taxation system.

He said in 2015 Tynwald approved a Treasury project to re-evaluate rates on the basis of capital values rather than rent values dating back to 1969.

After an Island-wide public consultation, and asking people to submit their own assessments, the Treasury has received 8,500 responses so far.

Mr Henderson said progress had been slower than expected - and there are bound to be winners and losers: