The way property rates are calculated on the Isle of Man is set to change under plans being considered by the government.

A 2015 survey revealed only 38% of Manx people understood the current system, which is based on a property’s rental value in 1969.

Under the new proposals rates would be determined by a property’s size.

Policy and Reform Minister Chris Thomas said he believes the changes would “make rates more modern and fairer”.

The Manx government has been looking at the issue of rates reform for several years.

If Tynwald agrees to the new proposals, Mr Thomas said he hoped to present legislation to them before June 2020 and introduce the new system by 2022.

Property size will be calculated using aerial photography and will also take into account the number of floors.

The project will cost an estimated £500,000 and be phased in over five years.

Ramsey MHK Lawrie Hooper thinks the new proposals have “a number of inherent weaknesses”.

While some properties are the same size, “the value could be massively different”, he warned.

And the changes assumed “wealthier people own bigger properties”, he added.

Source: bbc.com