means—
| a) | the price which could be obtained upon a sale of the property between a willing buyer and a willing seller dealing at arm’s length in an open market; or |
| b) | in relation to immovable property on which a bona fide farming undertaking is being carried on in the Republic, the amount determined by reducing the price which could be obtained upon a sale of the property between a willing buyer and a willing seller dealing at arm’s length in an open market by 30 per cent; |