S.L. 123.55 Art. 19Definitions of terms used in this Part.

For the purposes of this Part:

(a) the market value of immovable property is the value which that property would fetch if sold in the open market free and unencumbered and with vacant possession at the time that property is or was first used by the beneficiary increased by the cost of any additions and improvements made to that property after that time;

(b) the cost of immovable property is the price for which the owner acquired that property increased by the cost of any construction works, additions and improvements made to that property after the date of the acquisition; and for the purpose of this paragraph when property is held by a person under a title of perpetual or temporary emphyteusis the price for the acquisition thereof shall be deemed to be the price or premium, if any, paid or payable in accordance with the deed of emphyteusis;

(c) the market value of movable property is the price which that property would fetch if sold in the open market on the first day of the calendar year during which the benefit in question is provided, taking into account the value of any accessories, improvements and additions existing as on that date;

(d) the cost of movable property is the price for which it was acquired increased by the cost of any accessories, improvements and additions incurred after the date of the acquisition and existing at the time of the provision of the benefit; and for the purpose of this paragraph the price for the acquisition of movable property that was acquired more than six years before any specific date shall, as from that date, be deemed to be 60% of the actual price.