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coverage on the vehicle. 3. Personal property valued by tax office and not licensed by DMV: a. Accept as verification the a/b’s verbal statement of ownership. b. Check full names of all financially responsible adult case members against county tax records. c. List all items of personal property owned by the a/b and financially responsible spouse/parents. D. Calculate and Establish the Value of Countable Personal Property If the personal property cannot be excluded, 1. Verify the current market value: a. Through Vehicle Valuation Inquiry (VVI) if licensed and valued by DMV. b. Through the county tax office if valued by the tax office and not licensed by DMV. c. Use the NADA book or internet site www.nadaguides.com for unlicensed vehicles not registered in the tax office. If the unlicensed vehicle is older than those listed, use the last value given in NADA. All vehicles licensed or unlicensed have a value. 2. Verify encumbrances (amount owed on a car loan) by either the written or verbal statement of the loan holder. Ask for the payoff as of the first day of the verification month, rather than the sum of the remaining payments; i.e., future interest payments are not an encumbrance. 3. Equity value is current market value minus encumbrances. Subtract the payoff amount from Current Market Value. Current Market Value (CMV) is established by VVI or a/b’s rebuttal. 4. For all personal property, the amount of equity counted in resources is the total equity value of all countable personal property. 5. Rebuttal If the a/b has excess resources, and owns non-exempt personal property, the a/b has the right to rebut the value of personal property by establishing a lesser value. It is the tax value that is rebutted, not equity or encumbrances. Follow procedures in E. below. 51