£2 million spend agreed for rates revaluation

Tynwald has voted to spend £2 million from reserves to fund the Domestic Rating project.

Treasury Minister Eddie Teare says the money will pay for a variety of facets as the project's set up.

This will include employing external valuers, legal drafting, administrative and IT systems and an appeal mechanism.

This morning in Tynwald he faced questions about the issue from Onchan MHK Peter Karran and Lib Van leader Kate Beecroft, who argued the cost of revaluing 40,000 properties across the Island could be reduced - if values were based on the size of the building. 

Mr Teare defended using property values as the key criteria: