We crunched the numbers: Would your Formby home pay more tax?

However, Formby has some of the highest property prices in the area, so how would your household fair if the new 0.48% property value tax was to be implemented? We crunched the numbers.

What does it mean for you?

It all depends on how your house is priced compared to your council tax band.

For example:

• A band E home in Formby sold for £470,000 two years ago. It currently pays £3,152.43 in Council Tax, but a 0.48% property tax would be £2,256 - around £896 less each year.

• A band F home in Formby sold last year for £737,000. It currently pays £3,725.60, while a 0.48% charge would be £3,537.60 - about £188 less.

• However, Jurgen Klopp's old house, a £4 million band H property would see its annual bill rise from £5,158.52 to £19,200.

Essentially, if the amount you pay for your annual council tax is more than 0.48% of your property value, you'll be saving money under the proposed scheme.

The numbers in detail

• Band A – Current Council Tax: £1,719.51 – Homes worth less than £358,231 would pay less

• Band B – Current Council Tax: £2,006.09 – Homes worth less than £417,935 would pay less.

• Band C – Current Council Tax: £2,292.68 – Homes worth less than £477,642 would pay less.

• Band D – Current Council Tax: £2,579.26 – Homes worth less than £537,346 would pay less.

• Band E – Current Council Tax: £3,152.43 – Homes worth less than £656,756 would pay less.

• Band F – Current Council Tax: £3,725.60 – Homes worth less than £776,167 would pay less.

• Band G – Current Council Tax: £4,298.77 – Homes worth less than £895,577 would pay less.

• Band H – Current Council Tax: £5,158.52 – Homes worth less than £1,074,692 would pay less.