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SNAP CERTIFICATION MANUAL – SECTION 4000 7B4800 Vehicles 47B4851 Determining Fair Market Value

EXAMPLE 1: A household owns a licensed 1996 Plymouth Neon that is not excluded. The current fair market value of the vehicle is $4,575. $4,575 - $4,650 = 0. No resource value is counted. EXAMPLE 2: A household owns a 1998 Escort GT that is not excluded. The current fair market value of the vehicle is $7,050. Only $2,400 is counted as a resource. ($7,050 fair market value – $4,650 benchmark =$2,400.) EXAMPLE 3: A household owns a non-excluded all-terrain vehicle (ATV) that is not licensed. The fair market value, according to the dealer is $5,000. The household owes $4,000 on the ATV. The fair market value less $4,650 is $350. The equity value is $1,000. $1,000 will be counted as a resource to the household. (See SNAP 4860 for instructions on determining accessibility.) EXAMPLE 4: A household owns a non-excluded boat, motor, and trailer with a fair market value of $1,000. The household values the boat and motor at $500. The fair market value less $4,650 is zero. The household owes nothing on the trailer The household values the trailer at $500. The fair market value less $4,650 is zero. The equity value is $1000 for the boat, motor and trailer. $1000 will be counted as a resource to the household. (See SNAP 4860 for instructions on determining accessibility.) 4851 Determining Fair Market Value SNAP Manual 01/01/07 Fair market value will be based on the wholesale value as verified by one of following free web sites: • CarPrices.com • Autopricing.com • Intellichoice.com • Edmunds.com • Kelley Blue Book (kbb.com). No other web sites will be considered acceptable. When the wholesale value is not available, a comparable value (i.e., trade-in or loan value) must be used. The DHS county office worker will print a copy of the web page showing the vehicle value and file it in the case record.