Page 35

The home occupied by the AG and surrounding property which is not separated from the home by intervening property owned by others is exempt.

Public rights of way, such as roads which run through the surrounding property and separate it from the home, will not affect the exemption of the property.

Buildings on the lot, such as sheds, outbuildings, and garages are also exempt. 2620.15.05.05

TEMPORARILY UNOCCUPIED HOME

The home and surrounding property remains exempt when temporarily unoccupied for reasons of employment, training for future employment, illness, vacation, or uninhabitable due to casualty or natural disaster.

In addition, the AG must intend to return if the home is to remain exempt. If the AG does not already own a home, the value of a lot purchased for construction of a home or placement of a trailer is exempt. If the new home is partially completed, the value of it is also exempt. 2620.15.10.05

HOME REPLACEMENT (C)

The proceeds from the sale of an exempt home can also be exempt from consideration under certain conditions. If, within a specified time period, the proceeds are used (or obligated to be used) to purchase a replacement home and cover the costs incurred in occupying it, the proceeds can be disregarded.

The individual must be committed to the transactions within the "home replacement period", the time period beginning with the date of the receipt of the proceeds and ending on the last day of the third full month following receipt of the funds. 2620.15.15 INCOME PRODUCING REAL PROPERTY (S)

Certain types of non-homestead properties are exempt as explained below: • Property is exempt which annually produces income consistent with its fair market value even if used only on a seasonal basis, such as time share property. Vacation homes which do not produce income consistent with the fair market value are not exempt. • When it is necessary to determine if property is producing income consistent with its fair market value, the worker may contact local realtors, local tax assessors, the Small Business Administration, Farmers Home Administration, or other similar sources to determine the prevailing rate of return, e.g., square foot rental for similar usage or real property in the area. • Property such as farmland and rental homes which is essential to the employment, or the self-employment of an AG member is exempt. • Property exempt for the self-employment of a farmer remains exempt for one year after the termination of the self-employment. • Rental homes which are used by AGs for vacation purposes at some time during the year which annually produce income consistent with their fair market value are exempt.