Increase follows a series of increases by other authorities
Ramsey Commissioners has raised its rates for the next financial year by 4.9 per cent.
It currently sits at 445 pence in the pound but this will increase to 467 pence from April.
Commissioner, and lead member for finance, Juan McGuiness says the rise is 'prudent' and although below the inflation level the increase will help the authority to 'invest' in the town.
In a statement he said: “Following a detailed review of costs and projects the commission has had to set a rate that is prudent and whilst below inflation continues to invest in our town.
"Inflation caused by volatile supply chains and unprecedented increases in price of goods coupled with central government effectively enforcing a 3.5p rate rise for the Northern Swimming Pool are things that cannot simply be ignored.
"Ramsey Town Commissioners recognise the pressures that are faced by our community brought about by the cost-of-living crisis.
"The below inflation rate rise reflects the prudent planning of the board of Commissioners.
"A cost saving programme is underway to look at how costs can be reduced whilst maintaining services.”
The authority also says the rate increase 'reflects' the pressures put on them by increased costs for the Energy from Waste Plant and 'requirements' to invest in infrastructure for the town.
The new rate will represent an increase of about 59p per week for a typical three-bedroom property in the town.