Developers and land speculators who reap windfall gains when their property is rezoned will be hit with a 50 per cent tax if the gain is worth $500,000.
The brunt of the new tax increases would be worn by landlords, with the state’s land tax haul to lift by more than 10 per cent, and stamp duty to raise $761 million by adding a premium to stamp duty payments for property transactions valued at more than $2 million.
Treasurer Tim Pallas said on Saturday that the changes were about “making sure that everyone pays their fair share to support Victoria’s economic recovery,” and that “more Victorians can have the schools, hospitals and support they need and deserve”.