PERSONAL PROPERTY

A. The actual value of any personal property which is assessed for taxation, such as a mobile home, house trailer, or property used in a trade or business, is determined by using the actual value reported by a county assessor or by obtaining a copy of the most recent property assessment notice. If the actual value is not on the assessment notice, the value may be determined by: 1. Verifying the actual valuation from a copy of the most recent property assessment notice or with the county assessor's office on the Internet, by phone, by other personal contact, or in writing; or, 2. When personal property valuation is necessary, and the usual means of valuation is not possible, the county department shall use available local resources or the classified ad section of the local or other State newspaper or the Internet to determine and verify the actual value. 3. To determine the equity value of personal property, first determine the actual value; then subtract encumbrances. B. The vehicle with the highest value is exempt as described in 3.520.77.A, and therefore may be verified with client statement. The actual value of any additional personal property which is not assessed for taxation is determined by obtaining the appraised value less liabilities, i.e., vehicles, farm equipment and livestock or inventories of merchandise and materials, such as art, jewelry or valuable collections, as appraised by a verifiable, industry recognized source. 1. The actual value of automobiles and trucks is determined by using the trade-in fair condition value as provided by an auto valuation company, such as Kelly Blue Book or NADA guides. Unless questionable, it shall be presumed that the value of the vehicle is four hundred dollars ($400) when the information is not found in Kelly Blue Book or Nada guides. 2. For personal property which has not been assessed for taxation, the client shall submit verification of the appraised value based on written statements received from the following: a. Assessment standards obtained from the State or county assessor's office; or, b. Valuation obtained from a local merchant, the Internet or other reliable source. C. Personal property may be exempted if the client, client’s spouse, or sponsor(s) has made an attempt to sell and has been unable to do so. 1. Failure to sell personal property at the asking price or for a reasonable value shall not exempt the resource from the client’s countable resources. Under such circumstances, the county department shall determine whether the property could be sold for two-thirds of the actual value. 2. If the client, client’s spouse, or sponsor(s) receives an offer for at least two-thirds of the actual value and refuses to sell the property, the property shall not be exempted. 3. If the client, client’s spouse, or sponsor(s) cannot sell the property for two- thirds of the actual value, the property shall be exempted provided there continues to be reasonable efforts to sell the property, such as by listing the property with an agency or by advertising in the local media. a. The county department shall verify on a quarterly basis that a reasonable effort is being made to sell the property. b. The property shall not be exempted if the county department, using prudent person principle, determines the client, client’s spouse, or sponsor(s) is not making a reasonable effort to sell. c. If the client, client’s spouse, or sponsor(s) rejects an offer to purchase the property that is at least two-thirds the actual value of the property, the entire equity value of the property shall be considered a countable resource. D. The client, client’s spouse, or sponsor(s) shall have the right to submit evidence establishing a lesser property value. Such value may be established as zero. The county department shall evaluate the evidence and determine the property value.