Arbory and Rushen Parish Commissioners have announced an increase of 10.2% in the local authority rates.

The rate has increased from 1.47p to 1.62p in the pound, an increase of 15p.

The new rate will be applied in the upcoming financial year of 2023 to 2024, which starts in April.

The calculation of rates goes back to 1969 and rental value then, which has been calculated for properties ever since.

So if the local authority rate were £2 in the pound and the rateable value of property was £100, the ratepayers would pay £200.

The rate increase is higher than December’s inflation, which was published in the government’s inflation report as 7.4%.

Kirrie Jenkins, chairman of the board, said: ‘Unsurprisingly, given the current inflationary pressures, we have seen a rise in the basic costs of services provided which are outside of the board’s control.’

The board says that it maintains a prudent approach to spending, with the Southern Recycling Centre (SRC), waste collection and disposal representing more than half of the authority’s expenditure.

The board said: ‘There has been a slight fall in the overall rateable value this past year, which has caused a drop in income amounting to 1.5 p in the pound.

‘Even though the authority is one of the largest in the south it remains the lowest in terms of rate charged.

It added: ‘The board is acutely aware of the impact of the cost-of-living crisis on ratepayers personal finances and wishes to remind ratepayers that there is the option to pay by direct debit and spread the payment over 10 months.’

The board added: ‘If anyone is struggling to make ends meet, please contact the clerk who may be able to signpost ratepayers towards additional support.’

Most of the big local authorities have set their rates. Click here to read yesterday's round-up.