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MEDICAL SERVICES – APPENDIX N, FAMILY MEDICALLY NEEDY RESOURCE AND INCOME LEVELS 02-24-16 Page 5 of 19 EXAMPLE #2: A client sells his homestead through an installment payment contract for which the entire balance is not payable upon demand. The monthly payment from the sale is $200. He uses $150 from that payment to make the payment on his new home. Therefore, the remaining $50 will be considered as unearned income. The casehead will be advised that if another homestead is not purchased within the six month period, then at the beginning of the seventh month the entire amount received for the sale of the home will be considered a resource if received in full, or as unearned income if received in installment payments (refer to “Sale of a Resource”). If a client who is receiving installment payments later purchases another homestead and applies the installment payment to the new home, then that portion applied may be disregarded. D. Resources Considered With Special Exemptions or Exclusions Motor Vehicles Each assistance unit will be allowed a disregard of $1500 of the equity in one motor vehicle. Equity is the vehicle’s wholesale market value less any liens or encumbrances. The full equity value of any other vehicle owned by the persons whose resources must be considered plus any equity in the first vehicle in excess of the $1500 disregard is considered a resource. Value determinations for vehicles will be made using one of the following web sites: CarPrices.com, Autopricing.com, Intellichoice.com, Edmunds.com, and Kelley Blue Book (kbb.com). No other web sites will be considered acceptable. A copy of the web page showing the vehicle value must be scanned into the electronic case record. If more than one vehicle is owned, then the equity in each vehicle will be determined. Since the $1500 disregard can be applied to only one vehicle, it will be applied to the vehicle with the greatest equity value. No amount can be disregarded from the equity value of the remaining vehicles even if the value of the first vehicle was less than the $1500 disregard. Value determination for other types of personal transportation such as boats, buses, motorcycles, etc., should be obtained by the caseworker through contact with a knowledgeable source such as a local dealer, automobile insurance company or the county personal property tax office. Complete information should be given to the contact regarding the particular make, model, and year of the motor vehicle. The case narrative should be documented as to the source of the valuation and the valuation given. If the casehead disagrees with the value determination, he or she may obtain at least two written appraisals of the value from knowledgeable sources. If the appraisals appear to be questionable, the caseworker should verify their accuracy with the knowledgeable sources. If the caseworker determines the appraisals are accurate, the equity in the vehicle(s) will be redetermined.