Industry unites to fight Victorian rezoning tax
Victoria’s state government has made a range of changes to its Windfall Gains Tax prior to it being introduced to Parliament, but industry groups say the move is the “wrong tax at the wrong time” that will have a big negative impact on housing affordability.
UDIA modelling shows the rezoning tax will push up the price of an average vacant lot in the Geelong growth area by more than $50,000. Photo: Shutterstock
Victoria’s state government has made a range of changes to its Windfall Gains Tax prior to it being introduced to Parliament, but industry groups say the move is the “wrong tax at the wrong time” that will have a big negative impact on housing affordability.
The tax, initially announced as part of the Victorian government’s 2021-22 budget
, will see value increases from rezoning decisions be taxed at 50 per cent if the uplift is above $500,000, …
