(1) The ownership interest or utility interest may be reassessed for each unit if the body corporate decides by special resolution at a general meeting to reassess the ownership interest or the utility interest, or both.
(2) If a unit plan is deposited for the subdivision of a unit to create a subsidiary unit title development, the ownership interest and utility interest for the principal unit that has been subdivided must be reassessed by the body corporate.
(3) A decision by the body corporate to reassess the ownership interest or the utility interest under subsection (1) may only be made if 36 months or more have elapsed since the deposit of the plan or the last reassessment of the ownership interest or the utility interest, as the case may be under subsection (1).
(4) A reassessment under subsection (1) takes effect on the earlier of—
(6) If, as a result of a reassessment, a utility interest is to be assigned other than on the basis of the relative value of the unit in relation to each other unit, the body corporate must, by special resolution, approve the method of apportionment of the utility interest.
(7) Sections 212 to 216 (which provide for an objection process) apply to a resolution made in accordance with subsection (6).
(8) Any costs incurred in the reassessment must be paid for by the body corporate.