56Market value

#### 56 Market value 56 Market value > > (1) In this Act— > > > > market value of land at any time means the amount that would have been paid for the land if it had been sold at that time by a willing but not anxious seller to a willing but not anxious buyer, disregarding (for the purpose of determining the amount that would have been paid)— > > > > > (a) any increase or decrease in the value of the land caused by the carrying out of, or the proposal to carry out, the public purpose for which the land was acquired, and > > > > > (b) any increase in the value of the land caused by the carrying out by the authority of the State, before the land is acquired, of improvements for the public purpose for which the land is to be acquired, and > > > > > (c) any increase in the value of the land caused by its use in a manner or for a purpose contrary to law. > > > (2) When assessing the market value of land for the purpose of paying compensation to a number of former owners of the land, the sum of the market values of each interest in the land must not (except with the approval of the Minister responsible for the authority of the State) exceed the market value of the land at the date of acquisition. > > > (3) If— > > > > > (a) the land is used for a particular purpose and there is no general market for land used for that purpose, and > > > > > (b) the owner genuinely proposes to continue after the acquisition to use other land for that purpose, > > > > the market value of the land is taken, for the purpose of paying compensation, to be the reasonable cost to the owner of equivalent reinstatement in some other location. That cost is to be reduced by any costs for which compensation is payable for loss attributable to disturbance and by any likely improvement in the owner’s financial position because of the relocation. > > **s 56:** Am 2016 No 59, Sch 1 \[15\].