The town rate currently is 264p but this will increase to 267p in the pound.
Chair of Peel Commissioners Voirrey Heaton says the local authority has kept the rise as ‘low as possible’ and they are aware that residents are ‘struggling’.
She also says the extra £11,000 that will be collected, will be used for the ‘good of Peel’
Since April 2017 the local authority has increased its rates by 10p, from 257p to 267p in the pound.
Rates are expressed in terms of pence in the pound – this current system based on a 1969 valuation of all the property in the island at that time.
Any properties built or improved since 1969 are compared to a similar property that was in existence at that time and attributed a similar value. That value is in pounds.