Is server location still relevent?

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I was always told that you get better SE rankings in the country
specific versions of Google if the server was on an IP address that was
known to be in that country..

So for example to help with ratings of a UK based site in the search page the server hosting the site should be on a UK
registered IP address..

Is this true? is this still the case?? or is it just old wives tales???


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