Nick Posted January 16, 2006 Share Posted January 16, 2006 Taking an example of this cottage for sale: http://www.cowley-groves.co.uk/residential...p?prop_ref=6924 (please don't get all upset about Kirk Michael again) The agent's info states that the rates payable are £40. Is this per year/month/day? What's the average amount of rates you guys have to pay per year? Is stamp duty payable on buying property over £x value? Link to comment Share on other sites More sharing options...
Mission Posted January 16, 2006 Share Posted January 16, 2006 Rates do vary throughout the island, as there are local commissioners responsible for the various parishes / sheadings. Douglas has its own town council so their rates differ too. I'm in Ramsey living in a 3 bed bungalow and my rates bill last year was £643.39. Link to comment Share on other sites More sharing options...
rallybug Posted January 16, 2006 Share Posted January 16, 2006 Could well be for the year as doesn't read to be connected to the sewer system (private drainage maybe equals septic tank or similar). No stamp duty on the IOM Link to comment Share on other sites More sharing options...
x-in-man Posted January 16, 2006 Share Posted January 16, 2006 Taking an example of this cottage for sale: http://www.cowley-groves.co.uk/residential...p?prop_ref=6924 (please don't get all upset about Kirk Michael again) The agent's info states that the rates payable are £40. Is this per year/month/day? What's the average amount of rates you guys have to pay per year? Is stamp duty payable on buying property over £x value? No stamp duty! just a recording fee. The rates value is NOT what you pay. The local area sets it rate and this is times the ratable value of the property - payable a year - gedit? Yeah I know it got me too - It will depend on - local services, if you have a poo pit or main drains etc etc etc etc Try iom.gov for some more info on living here. Link to comment Share on other sites More sharing options...
MrsTrellisfromNorthWales Posted January 16, 2006 Share Posted January 16, 2006 Your rates will be far lower than your council tax bill. Local authorities on the island have far fewer responsibilities than they do in the UK. For example, your council tax pays (or helps to pay) for education. Education is paid for by income tax on the island. Port St Mary has the highest rates on the island. Link to comment Share on other sites More sharing options...
Alex Posted January 16, 2006 Share Posted January 16, 2006 My rates are just under £2,000 per year. Link to comment Share on other sites More sharing options...
Nick Posted January 16, 2006 Author Share Posted January 16, 2006 Thanks everyone for your replies. It would appear that rates are generally around half what they would be in the UK. Apart from Alex, who I assume lives in a castle? In my large 3 bed cottage I pay around £1200 per year, I have a septic tank & private water supply pipe. x-in man Thanks for your reply, I recognise the rates payable is different from the rateable value, the property I linked specifically shows rates payable as £40. Link to comment Share on other sites More sharing options...
TheTool Posted January 16, 2006 Share Posted January 16, 2006 Well nick that cottage in the link you posted is right on the main road, its a dangerous spot to drive out of it is nearly on a blind corner so i would steer clear of that one. As for your search for property at the moment the market is flat here and i think there is going to be some price dropping soon, i some of you are saying no the prices will not drop but lets face it the market is dead. Nick if i was you i would come over for a week and see how you like it, i personally like anywhere on the island so drive about and get the feel for the place. Most people, manx ones anyway have no problems with people moving over, you get the odd prat but they are usually drunks slumped in the local waterholes. Come over and have a look about, have a walk around the local glens like ballaglass and places like that, the island has loads of places you can dicover on foot aswell as the car. Link to comment Share on other sites More sharing options...
x-in-man Posted January 16, 2006 Share Posted January 16, 2006 Thanks everyone for your replies. It would appear that rates are generally around half what they would be in the UK. Apart from Alex, who I assume lives in a castle? In my large 3 bed cottage I pay around £1200 per year, I have a septic tank & private water supply pipe. x-in man Thanks for your reply, I recognise the rates payable is different from the rateable value, the property I linked specifically shows rates payable as £40. Bearing in mind that most properties sit with 'for sale' boards outside for several years because they are too over priced in the first place or falling down and people cannot get a loan for them .... it probably was £40 when it was put on the market! Link to comment Share on other sites More sharing options...
Nick Posted January 16, 2006 Author Share Posted January 16, 2006 Thanks Thetool & x-in man Someone else mentioned to me that Manx property sale values are too high at the moment. A bit like the suck it & see prices from the 1980s. Link to comment Share on other sites More sharing options...
TheTool Posted January 16, 2006 Share Posted January 16, 2006 Well nick if i was you why not come over and rent for 6 months see if it tickles the old fancy then make your mind up. The isle of man is magic in the summer its just the winters that drag, most of us get cabin fever and howl at the moon I would say property is going to drop in the next 6 to 12 months the estate agents talk a load of bollocks so don't listen to them leeches. Most property at the moment is going for less than the asking price, this means a price drop soon. Link to comment Share on other sites More sharing options...
Nick Posted January 16, 2006 Author Share Posted January 16, 2006 Thanks thetool The problem is that if I came over for 6 months, I would lose my customer base in England. What I would need to do is check carefully beforehand if I can make it work & then pull out all the stops to make sure it does! Renting is something I may need to do if I need money to invest, however I'm more likely to consider buying a cheaper house with no mortgage to reduce my outgoings. Link to comment Share on other sites More sharing options...
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