Council tax in Wales is ‘ripe for reform' with bills now based on property values from 17 years ago, a think-tank has said.

The report by the Institute for Fiscal Studies (IFS) found the bill for a Band I property was just 3.5 times that for a Band A property, despite Band I properties being worth at least 9.5 times as much as Band A properties in 2003 and often much more.