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TANF TANF TANF TANF TANF TANF TANF TANF SNAP SNAP SNAP SNAP SNAP SNAP SNAP SNAP 550.2 How To Determine Fair Market Value of Vehicles If applicable, determine the fair market value (FMV) of licensed vehicles using the “Good” trade-in value on the Internet (www.kbb.com) OR in the most current Kelly Blue Book (if available). The FMV of a vehicle is not increased because of low mileage, optional equipment, or special equipment for the handicapped. Allow the standard equipment when providing details of the vehicle. If the mileage is unknown, apply 12,000 miles for each year of the age of the vehicle. Example: Evaluation is conducted in January 2004 for a 1996 vehicle; mileage would be 8 years x 12,000 = 96,000. Note: If the household claims the listed value does not apply, allow the household to provide proof of the value from a reliable source, such as a bank loan officer or a local licensed car dealer. If applicable, proof of the value of licensed or unlicensed antique, custom made, classic vehicles or those vehicles no longer listed in the Kelly Blue Book or Internet web site must be provided if the value provided by the household is questionable. If requested, the household must provide an appraisal from a licensed car dealer or other evidence of the car's value such as a tax assessment or a newspaper advertisement indicating the sale value of similar vehicles. If applicable, determine the value of new automobiles not yet listed in the Kelly Blue Book or Internet web site by asking the household to provide an estimate of the trade-in value from a new car dealer or bank loan officer. If this cannot be done, accept the customer’s 's estimate unless it is questionable and would affect eligibility. Use the car's loan value only if other sources are unavailable. A-550.2 Division of Welfare and Supportive Services RESOURCES Eligibility and Payments Manual How To Determine Fair Market Value of Vehicles MTL 06/24 Nov 24