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Rezoning tax passes through Victorian Parliament

Victorian property owners will face tax bills from July next year if a government rezoning decision lifts the value of their property, after new legislation was passed by state Parliament.

Aerial photo of a housing estate being developed in Tarneit, Victoria
Property owners face a new tax if the value of their assets is uplifted when the government rezones nearby land. Photo: Shutterstock

Victorian property owners will face tax bills from July next year if a government rezoning decision lifts the value of their property, after new legislation was passed by state Parliament.

The Windfall Gains tax was announced as part of the Dan Andrews Labor government’s 2021-22 state budget, and immediately drew strong criticism from a wide range of property industry advocacy groups and professionals

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Developers and investors will be subject t…