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SNAP CERTIFICATION MANUAL – SECTION 4000 6B4700 Non-Liquid Resources
39B4712 Countable Resource Value of Non Liquid Resources
4700 Non-Liquid Resources
SNAP Manual 06/01/90 Non-liquid resources are non-excluded, accessible assets such as land or vehicles that may be converted to cash such as, but not limited to, the non-liquid resources listed below. 1. Buildings/houses/mobile homes not used as the household’s residence. 2. Burial lots in excess of one per householdmember. 3. Vacation homes/time-share condominiums/RV-park shares. 4. Vehicles (licensed and unlicensed) including cars, trucks, vans, recreational vehicles, motorcycles, all-terrain vehicles, golf carts, go-carts, mopeds, campers, and boats/boat motors/boat trailers. 5. Any personal property not specifically excluded in SNAP4420. 6. Land not excluded in SNAP 4410.
4712 Countable Resource Value of Non-Liquid Resources SNAP Manual 06/01/90 For all non-liquid resources except vehicles, the equity value will be considered a countable resource. (See SNAP 4850 for instructions for determining the countable resource value of vehicles.) The equity value is the fair market value of the resource less encumbrances. Generally, fair market value is the price which a willing seller could obtain for a property from a willing buyer. Fair market value is usually dependent upon several factors including the condition of the property and the rate at which similar property is being sold. For SNAP purposes, the fair market value of real property located in Arkansas will be the current assessed value times 5. (The current assessed value represents 20% of the fair market value. By multiplying the assessed value X 5, the current fair market value will be obtained.) For example, if the assessed value is $250, the caseworker must multiply $250 X 5 to obtain fair market value. $250 X 5 = $1,250. $1,250 is the fair market value. NOTE:To establish the fair market value of real property located outside Arkansasor of personal property, the caseworker is not required to use the assessed value. Encumbrances are defined as the balance of the debt owned on the property excluding interest payments and other fees.