16.5 Value of Non-excluded Recreational Vehicles.

A. Fair market value is the current value of the recreational vehicle. B. Equity value is the fair market value minus encumbrances. C. A recreational vehicle may be: 1. Counted according to its excess fair market value over $4,650; 2. Counted according to its excess fair market value over $4,650 or its equity value, which is higher. D. A household will be allowed to acquire verification of the true value of a vehicle from a reliable source if it does not agree with MDHS’ determination of the value of the vehicle. Source: 7 CFR §273.8(f) Revised: March 2022