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MEDICAL SERVICES – APPENDIX N, FAMILY MEDICALLY NEEDY RESOURCE AND INCOME LEVELS 02-24-16 Page 9 of 19 Determining Ownership Ownership will be verified by deeds, wills, contract of purchase or other documentary evidence. When two or more persons own an interest in the property, the client’s ownership interest and the availability of the property as a resource to the assistance unit must be determined (Refer to MS E-512 and E-513). Questions of title, ownership, and property interest which cannot be resolved by the County Office will be submitted by e-mail or memorandum to the Office of Program Planning and Development, Slot S333 following procedures at “Requesting a Legal Opinion on Resource Ownership or Availability”. Determining Market Value and Net Equity The market value of real property is determined by obtaining an estimate of current market value from a knowledgeable source. Knowledgeable sources include: 1. Real estate brokers. 2. Local office of the USDA, Rural Development (for rural land). 3. Local office of the USDA, Farm Services Agency (for rural land). 4. Banks, savings and loan associations, mortgage companies, and similar lending institutions. 5. County Cooperative Extension Service (for rural land). The estimate must be written, signed and dated, and have enough information so the source can be identified. The client will be primarily responsible for obtaining the estimate. However, if requested, the caseworker will assist the client or attempt to obtain a free estimate. If an estimate cannot be obtained from any other knowledgeable source, then the assessed value from the tax assessor of the county in which the property is located, multiplied by the county multiplier, 5, will be used. If this method is used, the narrative will be updated in the electronic record to document that no other knowledgeable source estimate could be obtained. Only the net equity in the property will be considered. Net equity is determined by subtracting the value of any liens, mortgages, or other encumbrances from the market value. If the market value of the property exceeds the maximum limitation, the amount of any encumbrances will be verified. I. Personal Property Personal property is property other than real property and consists primarily of liquid assets. Ownership of personal property can be in the same form as real property. (Refer to MS E-512-E-513 concerning forms of ownership.) The following sections describe more commonly held types of personal property.