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Title 7: SNAP Page 21 Iowa Department of Health and Human Services Employees’ Manual Chapter D: Resources Vehicles Revised September 27, 2024 Determining the Countable Value of a Vehicle EXAMPLE:

A household with two adult members owns five vehicles, as follows: ▪ Vehicle A has a fair market value of $6,000 and an equity value of $4,000. ▪ Vehicle B has a fair market value of $4,600 and an equity value of $2,000. ▪ Vehicle C has a fair market value of $4,800 and an equity value of $3,500. ▪ Vehicle D is a licensed motorcycle. It has a fair market value of $2,000 and equity value of $700. ▪ Vehicle E is a licensed motor home. It has a fair market value of $5,500 and an equity value of $1,600. Calculate the value to count towards the resource limit as follows: Vehicle A B C D E Excess Fair Market Value Excluded

$ 0(4,600 - 4,650)

$ 150(4,800 - 4,650)

$ 0(2,000 - 4,650)

$ 850(5,500 - 4,650) Equity Value Excluded Excluded Excluded

$ 700

$1,600 Vehicle A is excluded as one vehicle per household. Exclude the equity value of vehicle B and C as one vehicle for each adult household member. Vehicle D is excluded as a resource because the sale of the vehicle would give the household $1,500 or less. Vehicle E must have the equity value counted. Thus, apply the following toward the household’s resource limit: Vehicle Excess Fair Market Value Equity Value Countable Value A Excluded Excluded

0 Excluded B $

0 Excluded $ 0 Countable value of B C $ 150 Excluded $ 150 Fair Market value of C D $

0 $ 700 $ 0 Excluded E $ 850 $ 1,600 $1,600 Equity value of E Total Applied: $ 1,750 Total countable value