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Rates revaluation set for new year

Long-awaited reform of domestic rates in the Island has taken a step forward.

A major project to revalue more than 40,000 domestic properties is due to get underway early next year.

Treasury will bid for funding at January's sitting of Tynwald, with a timetable to complete the revaluation by February 2016.  

Carrying out physical inspections of the Island's housing stock has been ruled out as impractical.

Instead, existing data on capital values will be used for new valuations across nine different bands. 

The Island-wide reassessment of rates was agreed by Tynwald in October.

Chief Minister Allan Bell says it's a huge piece of work but one that is overdue: 

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