1. GENERAL RULE

Official source

All assets of all household members, and disqualified individuals are counted with the exceptions found in Section 333-2. The value of assets, except for licensed vehicles, is the equity value (fair market value less encumbrances).

NOTE: Fair market value is the price a property would bring on the open market, assuming an informed buyer will buy, but is not compelled to buy; and an informed seller will sell, but is not compelled to sell. “Fair market value” of real property may be established by either the testimony of competent real estate appraisers or town tax appraisal at 100% valuation rate, at the Department’s option.

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1. GENERAL RULE

Official source

All assets of all household members, and disqualified individuals are counted with the exceptions found in Section 333-2. The value of assets, except for licensed vehicles, is the equity value (fair market value less encumbrances).

NOTE: Fair market value is the price a property would bring on the open market, assuming an informed buyer will buy, but is not compelled to buy; and an informed seller will sell, but is not compelled to sell. “Fair market value” of real property may be established by either the testimony of competent real estate appraisers or town tax appraisal at 100% valuation rate, at the Department’s option.