Views are being sought on proposed amendments to the Rating and Valuation Act 1953 as part of a six-week consultation.
The changes aim to make targeted improvements to the way rates are applied in relation to four specific areas:
- Dangerous or ruinous buildings;
- Rebate schemes;
- Quarries;
- Property owned by charitable organisations.
Amendments
The proposed amendments are designed to “enhance fairness, flexibility and clarity” within the existing rating system.
Proposals include:
- Removing rates exemptions for dangerous or ruinous buildings to: discourage long-term vacancy; and promote property upkeep to bring more into economic use;
- Allowing greater local flexibility in rebate schemes by removing the requirement that all such schemes are funded by the Treasury;
- Introducing a discount and potential cap on the rateable value of quarries, recognising their unique nature;
- Clarifying the treatment of property owned by charitable organisations, to ensure consistency and transparency in how rates are applied.
The consultation document is available to view and complete on the Isle of Man Government consultation hub by clicking here.
The process will run for six weeks and conclude on Friday, October 17.
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