FALLING rates of inflation have led to a smaller rise in Island-wide rates for 2024 compared with the steep increase imposed 12 months ago.
Domestic rates will rise from 0.89p to 0.92p, an increase of 3.4%, while the non-domestic rate has been set at 1.37p, a rise of 0.06p or 4.6%.
Island-wide rates are set by the Constables Supervisory Committee and collected by the parishes, with the proceeds passed on to the government to fund welfare.
Published annually in early summer, the rise in the Island-wide rate is based on the published figure for inflation on 31 March.
This year’s figure was 5.7%, however the actual increases are lower, with a report presented to the States Assembly attributing this to an increase in the number of rateable properties compared to 2023.
Rates are paid by owners and occupiers of land, who last year faced the largest rise in the Island-wide figure for many years – this was based on the March 2023 inflation figure of 12.7%, and saw non-domestic rates soar by 13.9% and the domestic figure go up by 11.25%.
The total amount payable by all ratepayers comprises the Island-wide figure plus parish rates, which are set by parish assemblies at meetings which typically take place in July or August.
