Treasury will launch a consultation exercise on the reform of domestic rates on Monday 16^th March which will run until the 27^th April.

In January 2015, Tynwald agreed that domestic rating reform should now be carried out, based on new legislation which will introduce a property tax for domestic properties based on their capital values: underpinned by a national property revaluation which should be completed by February 2016.

The purpose of the consultation exercise is to invite comments on the proposed reform. It is not a referendum but is an exercise for gathering information, views and evidence to allow Treasury to take an informed decision on the future method of calculating and collecting local property taxes on behalf of local authorities, churchwardens and the Manx Utilities Authority: known together as “rating authorities”.

The consultation is open until April 27 and the consultation document is attached and from the 16^th March can be found on the Isle of Man Government website at http://www.gov.im/consultations.gov?menuid=16916&type=current. Responses can be made in writing preferably by email to michael.morrison@gov.im or through an on-line survey available at https://www.surveymonkey.com/r/ratesreform

Further information about the public consultation can be obtained from the address below.

Regards

Michael Morrison BSc (Hons) PgDL MInstLM

Senior Executive Officer, Treasury

Illiam Dhone House, 2 Circular Road, Douglas, Isle of Man, IM1 3PX