73Land owned and occupied by racing clubs

73 Land owned and occupied by racing clubs (1) Land or part of land that is owned and solely occupied by a racing club is not liable for land tax at a rate greater than 0⋅357% of the taxable value of the land or part. (2) For the purposes of subsection (1) and assessing land tax on any part of the land that is not solely occupied by a racing club, the land tax that is or that would be, but for the operation of subsection (1), attributable to a part of land is the proportion of the land tax that would, but for the operation of subsection (1), be payable on the whole of the land owned by a racing club. ***racing club*** means a society, club or association that— (a) is not carried on for the purposes of the profit or gain to its individual members; and (b) is carried on exclusively for the purpose of promoting or controlling horse racing, pony racing or harness racing in Victoria. S. 73A inserted by No. 47/2020 s. 56.