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Chapter: 1600 Assets Program: CIC 13 1650.0577 Real Property (CIC) Real property includes assets (in which an individual has ownership interest) that fall into the following categories:

1. any real estate owned by the individual or couple, and 2. income producing property. 1650.0578 Real Estate (CIC) Real estate that is not a homestead and does not involve life estate is included as an asset.

Otherwise non-excluded real property that an individual or family is making a good faith effort to sell can be excluded. Refer to passage 1650.0541.01 for good faith effort policies.

Information containing the name of owner, legal description, amount of indebtedness and to whom owed, and the assessed value is required verification. Sources of verification include deeds in possession of parent or relative, liens in personal possession, county property records, or contract with lien holder. 1650.0580 Value of Real Property (CIC) The county tax assessment of the property (minus any debts) is used to determine the ownership and value of the property. 1650.0583 Vehicles (CIC) A vehicle is any automobile, truck, motorcycle, etc., that is used to provide transportation, and includes vehicles that are unregistered, inoperable, or in need of repair. 1650.0589 Other Recreational Vehicles (CIC) House trailers and houseboats that are not the homestead and are not an excluded vehicle are included.

The resale value for house trailers and houseboats must be obtained from a reputable trailer or boat business. The resale value for other vehicles (such as campers, travel trailers, motor homes, pleasure boats, motorcycles, and aircraft) must be obtained from a reputable dealer for the particular type of vehicle. For CIC purposes, this resale value will be substituted for the trade- in value in the asset value determination. 1650.0590 Increases/Decreases to Value (CIC) The equity value is calculated by taking the NADA value of a vehicle and subtracting the amount owed.

The market value of a car, truck or van is determined with the listing of average trade-in value given in the most recent edition of either the Southeastern Edition NADA Official Used Car Guide or the NADA Older Car Guide.

No adjustments to the vehicle's value are made by the eligibility specialist for high mileage, low mileage, and options listed such as air conditioning, radio, and automatic transmission.

If an individual owns a vehicle that may be worth considerably more than the NADA value because of its model and/or year, such as a 1965 Ford Mustang, the NADA value for the oldest comparable model is still used.