The council has divided its levy into three zones – town centres, out of town centres and out of built-up areas.
Charges for town centre development will be levied at a nil rate, except for housing, in an attempt to direct commercial and retail development to the town centres of Brixham, Paignton and Torquay.
Charges for residential development for all three zones will be £100 per square metre.
In the two non-town centre zones, food and drink development will be charged at £100 per square metre, retail warehousing and "bulky" retail will be charged at £300 per square metre and convenience retail with floorspace over 300sq metres charged at £150 per square metre. Smaller retail will only face a charge - £150 per square metre – in areas outside of built-up areas.
All other types of development will face no charges in any of the zones.
Deputy mayor and executive lead for planning, housing and energy, David Thomas said: "Hopefully CIL will speed up the development process and give developers certainty too."
He said that the levy would help to bridge the funding gap on projects such as the South Devon Link Road and Western corridor, as well as the regeneration of town centres and harboursides.
The consultation will run until 6 February 2012.