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property.2 The exceptions to this procedure are vehicles (Section 2605.25.05) and, in certain instances, real property. (See section 2605.25.10.) 2605.25.05 VEHICLE VALUATIONS The fair market value of a vehicle is the lowest "wholesale" value as listed in publications written for the purpose of providing guidance to automobile dealers and loan companies. The Kelly Blue Book vehicle value guide may be used. If the Kelly Blue Book vehicle value guide is not available, any vehicle value guide which provides guidance to automobile dealers and loan companies may be used provided they have been updated within the last six months. If the applicant/recipient disputes the value amount, a written statement must be obtained from a licensed automobile dealer. The AG should be asked to acquire verification of the value of antique, custom made, or classic vehicles, if the worker is unable to make an accurate appraisal. If a vehicle is especially equipped with apparatus for the handicapped, the book value is to be assigned as if the vehicle were not so equipped. If a vehicle is no longer listed in a book due to the age of the vehicle, the AG's estimate of the value of vehicle is to be accepted, unless there is reason to believe that the estimate is incorrect. A written statement must be obtained from a licensed automobile dealer. Vehicle verification must include verification of all of the following: Ownership License status Fair market value Amount owed, Workers must keep in mind that equity value will increase with each monthly loan payment. Also, the fair market value may decrease whenever the publication used to establish the value is published. For those recipients who are very close to the resource limit, the value of nonexempt vehicles may have to be verified monthly to ensure that the recipient does not have excess resources as of the first day of a month.3 2605.25.10 REAL PROPERTY VALUE Fair market value is the reasonable price that real property can be expected to sell for on the open market in the particular geographic area involved (see 2605.05.00). The fair market (FMV) value of real property can be obtained through tax records or from an estimate by a knowledgeable source. When tax records are used, the most recent property tax assessment must be obtained. The fair market value is the assessed value divided by the assessment ratio. The tax assessment cannot be used if: • It is more than one year old It is under appeal