28Market value

#### 28 Market value 28 Market value > > (1) For the purposes of the definition of market value in section 154 of the Act, the market value of a building and its site— > > > > > (a) is to be determined by estimating the amount for which the building and site would be sold by a willing but not anxious seller to a willing but not anxious buyer, and > > > > > (b) is to be determined at the following times— > > > > > > > (i) for the purposes of inclusion in a strata renewal plan—on a day that is not more than 45 days before the day on which the general meeting of the owners corporation is held under section 172 of the Act to consider the plan, > > > > > > > (ii) for the purposes of an application made under section 179 of the Act for an order to give effect to a strata renewal plan—on a day that is not more than 45 days before the day on which the application is made. > > > (2) For the avoidance of doubt, the buyer and seller referred to in subclause (1) (a) are to be assumed to take into account the highest and best use of the building and its site.