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Domestic Rating Study 25 June 2004

The Treasury is to undertake a pilot study at the request of the Council of Ministers to look at the practical implications of changing the basis of the Island's domestic rating system from the rental value of property to the capital value.

This is a technical project to gain more information on the capital value option prior to a wider communication exercise involving Government, local authorities and the general public. The initiative is quite separate from the Department of Local Government and the Environment's consideration of the effectiveness and efficiency of the local government structure.

The last general revaluation on the Island, based on the rental values for domestic and non-domestic property, was in May 1971. The pilot study will be undertaken by the Valuation Office of the Isle of Man Treasury and will enable testing of possible banding schemes on the basis of current values against a sample of up to 1,000 dwellings.

The advantages of the capital value banding approach are that it is simpler and more easily understood than the current system, which is based on rental values established well over thirty years ago.

In other jurisdictions where capital value rating is in place, domestic properties are assessed and placed into several distinct valuation bands. The occupiers of each property within the same band are charged identical sums by their respective rating authorities.

Implementation of any new system would require legislation to be drafted and to be approved by the Branches of the Legislature.

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