If the move becomes law, landowners with 0.4hectares or above who fall into the 2009 Urban Growth Boundary will be forced to pay $95,000 per hectare if they sell or transfer their land.

The protest has been organised by newly formed community group 'Taxed Out' which joins three previous groups from Beveridge, north of Craigieburn, Rockbank and Clyde, in the south-east.

Jeanette Laffan, who owns property in Beveridge, said the groups were joining forces to fight the charge. "Anyone who's concerned about the State Government's attempts to control people's personal assets should attend [the rally].

"This GAIC is very badly thought-out legislation."

Rennie Darmanin, 74, will be among the protesters. He has owned a 13-hectare property in Summerhill Road, Craigieburn, for 25 years. The single pensioner said the property was to be his nest egg, but the $1.2million levy he would have to pay would leave him little to live on after its sale.

"I want to relax and enjoy my life - you can't live on a pension. I've got four kids who I have put through university and they all want to help me but I don't want a free hand. You can't stop progress but I feel like I'm being penalised. And nobody will tell you what your property is worth."

Greenvale resident Gerard Gowans will also be at the rally. He lives on a two-hectare property in Providence Road, Greenvale, with his elderly parents Walter, 67, and Sandra, 63. The Gowans have owned the property for 25 years and think of it as a home with a semi-rural lifestyle and a nest egg.

"My parents are still working, getting towards retirement, and now they are going to have this burden hanging over them," Mr Gowans said.

There are about 25 other properties in Greenvale that could be affected. Mr Gowans said residents felt discriminated against because not all growth areas in Melbourne were included.