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Title 7: SNAP Page 19 Iowa Department of Health and Human Services Employees’ Manual Chapter D: Resources Vehicles Revised September 27, 2024 Determining the Fair Market Value If the vehicle is no longer listed, accept the estimated value given by the household, unless there is reason to believe the estimated value is not accurate and the value will affect eligibility. When the estimate is questionable, the household must verify the value of the vehicle using a reputable source (such as an appraisal or a newspaper ad for a like vehicle). Proof of the value of classic cars, antiques, or custom-built cars must be from a reliable source. Ask the household to get proof of the value of any vehicle that is in less than average condition. Vehicles with body damage or engine problems may be worth less than the blue book value. If you use an Internet blue book web site to verify the fair market value of a vehicle, print a copy of the information as documentation for the case file. The information you use when the verification is made will not be available on the web site at the time of a QC review. Determining the Countable Value of a Vehicle Legal reference: 7 CFR 273.8(f)(1)&(2) For unlicensed vehicles, count only the equity value. Unlicensed vehicles include vehicles on Indian reservations that do not require a license for vehicles driven by tribal members. For leased vehicles, see Leased Vehicles under Excluded Resources. To determine the countable value of licensed vehicles that are not excluded under Excluded Motor Vehicles: 1. Appraise each vehicle individually to see if it has excess fair market value (over $4,650). 2. Count the excess fair market value over $4,650 as a resource for: ▪ One vehicle for each adult household member. ▪ Any other vehicle a household member under age 18 drives to or from work, to training or education in preparation for work, or to look for work. Do not consider the equity value for these vehicles. (Continue to exclude the equity value for vehicles of household members under age 18 during periods of temporary unemployment or when a household member is unemployed because of a strike.) 3. Determine the equity value of the remaining vehicles. Compare the equity value to the amount of the fair market value that is over $4,650. Count as a resource the higher of the excess fair market value over $4,650 or the equity value.