752-1          DETERMINING VALUE OF COUNTABLE RESOURCES

Countable resources are resources which are available to the child and must be considered in determining if TA eligibility exists. The total value of all countable resources cannot exceed $2,000 or $3,000 if the assistance unit includes a person who is 60 or older.

In determining the value of countable resources, add all amounts of available liquid resources and the cash value of all other non-exempt available resources without rounding cents. If the total is $2,000 or $3,000 if the assistance unit includes a person who is 60 or older, the total is within the limit. If the total is more than $2,000 or $3,000 if the assistance unit includes a person who is 60 or older, the total exceeds the limit and eligibility does not exist.

In determining the value of all other available countable resources, both personal and real property, establish the equity value of the resource before adding it to other resources and matching it against the resource limit. Equity value is the dollar amount which results from subtracting the dollar amount of all legal encumbrances from the total dollar amount of the fair market value of the property.

Fair market value may be determined by checking with realtors, real estate agents, classified advertisement listings, the tax assessor's office, stockbrokers, insurance agents, or other sources as appropriate in order to determine the probable value of the resource if it were to be sold. If the fair market value of a particular resource cannot be determined exactly, establish its fair market value by determining the value of comparable property which is being offered for sale or which has been recently sold in the vicinity.

Comparability is a matter involving considerable prudent judgment and estimation. In the case of real property, it may require obtaining many precise details about the property and consulting with a professional about each of these details.

Once fair market value is determined, the total amount of all legal encumbrances must be established and subtracted from the fair market value amount. A legal encumbrance for Temporary Assistance means any amount owed to another party that is enforceable by a legal action.

Verification:

Accept the client's statement regarding ownership, fair market value, and the amount of a legal encumbrance of a resource, unless questionable.