Determining the Value of Resources

The value of nonexempt household resources at the application filing date must be determined from applicant statements, documents, and/or from collateral contacts when household assessment is uncertain or questionable. A. Valuation of Liquid Resources The value of liquid resources is the current redemption rate less encumbrances. B. Valuation of Non-Liquid Resources Except for real property, non-exempt non-liquid resources shall have a fair market value as determined from the best source available (such as, but not limited to, blue book, local dealer, or equivalent verifiable Internet web site) less verified encumbrances. If warranted, the eligibility technician worker should adjust the market value for poor or unusable condition of the property before assigning a resource value. The eligibility technician worker shall annotate the case record to show source and computation used to determine resource value. The value of real property, such as buildings, land, or vacation property, unless exempt as income producing, may be obtained by using the actual value reported by a county assessor or, if not reported, the current assessed valuation, accomplished in accordance with state law, and dividing the value by the appropriate percentage rate of assessment for real property to derive fair market value and subtracting the amount the household currently owes on the property.