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Chapter: 1600 Assets Program: MSSI, SFP 39

1640.0582.02 Knowledgeable Sources (MSSI, SFP) If the tax assessment cannot be used for any of the reasons listed in passage 1640.0582.01 the individual must obtain a written, signed estimate of the property's FMV from a knowledgeable source. It must be specific as to the point in time for which the estimate is effective. Knowledgeable sources include:

1. real estate brokers (they often have a list of recent sales of comparable properties in the area); 2. the local office of the Farmer's Home Administration (for rural land); 3. banks, savings and loan associations, mortgage companies, and similar lending institutions; 4. a local office of the Agricultural Stabilization and Conservation Service (for rural land); 5. an official of the local real property tax jurisdiction (for an estimate rather than an assessment); 6. the county agricultural extension service; and 7. local newspaper real estate advertisements, "multiple listing" publications. 1640.0582.03 Obtaining Correct Verification of FMV (MSSI, SFP) It is the individual's responsibility to obtain an estimate of the fair market value (FMV) of his property. If the individual is not able to obtain an estimate, the eligibility specialist may try to obtain a free estimate from a knowledgeable source. If there are questions as to the correctness of an estimate from a knowledgeable source, an estimate should be obtained from one or more other sources listed in passage 1640.0582.02 and averaged in order to establish a fair estimate of the FMV.

The knowledgeable source's estimate of the FMV will be effective with the month in which it is obtained.

If the individual, in submitting the evidence, indicates he disagrees with the evidence, the individual may furnish reliable evidence to support a different FMV. Such evidence should be considered along with all other evidence obtained in making an FMV determination. 1640.0583 Vehicles (MSSI, SFP) 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.

While each program may include all or portions of a vehicle's value, the determination of the value of the vehicles to be included differs by program. 1640.0591 Automobile (MSSI, SFP) One automobile, regardless of value or use, is excluded as an asset.

Unless otherwise excluded, any other automobiles are treated as nonliquid assets and counted to the extent of their equity value. The equity value is the average trade-in value of the vehicle minus any indebtedness.

When there is more than one vehicle, apply the automobile exclusion in the manner most advantageous to the individual. That is, the automobile with the highest equity value may be the one vehicle totally excluded, leaving the automobile with less equity value to count as an asset to the individual.

Any automobile over seven years old is an excluded asset except for the following instances requiring development: