3-006.06B Determining Fair Market Value

Each vehicle which cannot be excluded must be assigned a fair market value. To determine the fair market value of vehicles, the worker uses the trade-in value as shown in either the Kelley Blue Book or the National Automobile Dealers Association (NADA) Used Car Guide. The basic value of a vehicle must not be increased by adding the value of low mileage, optional equipment, special equipment for the handicapped, etc. For vehicles which are in less than average condition (as indicated by the household), the household must be given the opportunity to get verification of the true value from a reliable source.

If the vehicle is not listed with either the Kelley Blue Book or the NADA, or if the client or worker feels that the values listed are inappropriate or not a true valuation of the vehicle, the worker may:

1. Contact the County Assessor’s Office for the assessed value;
2. Use the client’s most recent vehicle tax statement; or
3. Have the client obtain an estimate of the vehicle’s value from used car dealers.

For licensed antique, custom-made, or classic vehicles, the worker asks the household to provide verification of the value if the local office is unable to make an accurate appraisal.