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single tract. The following conditions do not prevent the tract from being considered a single tract and the home place. a. The individual receives homestead exemption on only part of the single tract or none of it. b. The single tract is divided into lots or parcels of land for assessment purposes. 2. A trailer or boat occupied by the family as the home regardless of whether the individual owns the land on which the trailer sits or the land near which the boat is anchored. If the family moves elsewhere, the trailer or boat becomes an asset and will be considered in the maximum limit. Uncut timber located on the home property will also be excluded in the resource calculation. For a family with two separate homes, only one home may be excluded as described above. Other buildings, such as stores or houses, which are clearly not part of the exempt residence and its outbuildings, must meet another resource exclusion to avoid being counted as a resource (ex: if a second house on home property is occupied and rent is being received from that second house, the resource will be exempt). If counted as a resource, only the equity value (fair market value less indebtedness) of the structure will be counted as a resource. The land upon which it is located will not be considered when determining the value. On occasions, an individual may be in the process of replacing the home. Cash obtained from the sale of a home will be disregarded for six months when the family has a realistic plan to use that cash to obtain, replace, or repair a home, to replace or repair furniture and household items which were destroyed, or to reduce or liquidate a home mortgage. Expect the individual to use this cash for moderately priced items, and secure cost estimates when feasible. When the individual expresses intent to rebuild, replace, etc., and demonstrates efforts to do so, secure from the individual documentation of cash used for one or more of the above purposes at the end of the six-month period. Any cash above the documented costs will be considered as lump sum income in the month received. NOTE: The time may be extended for a reasonable period when the plan is underway but not completed because of special circumstances, such as serious illness of the individual, severe weather or other valid reasons.

5201 Volume III | Chapter 5 [RESOURCES: RESOURCES TO BE EXCLUDED]

Revised 05-01-06

MISSISSIPPI [ RESOURCES: RESOURCES TO BE EXCLUDED]

Revised 05 - 01 - 06