Greens want speculators to pay rates on commercial sites

The Green Party is calling for a total overhaul of the way local authorities are funded.

The party wants to see property speculators forced to pay rates on commercial sites, which they say would double annual rate revenue to €2bn.

The move would also allow for a reduction in the rates paid by local businesses.

Green Party Leader Trevor Sargent says the overhaul would end the situation whereby speculators can make massive profits by sitting on valuable development land.