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LAND ACQUISITION (JUST TERMS COMPENSATION) ACT 1991 - SECT 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.
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