3-002.01G3 Determining the Value of Non-Excluded Licensed Vehicles

Each vehicle which cannot be excluded must be assigned a fair market value. The fair market value of a vehicle is the average trade-in value as determined by the Kelley Blue Book. The basic value of a vehicle must not be increased by adding value for low mileage, optional equipment, or special equipment for people with disabilities, 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.

The Kelley Blue Book can be accessed through the Internet at http://www.kbb.com. Refer to the FSP Best Practices Log for further information on how to use the on line Kelley Blue Book.

For vehicles not listed in the Kelley Blue Book, the worker must accept the household’s estimate of the fair market value unless:

1. The worker has reason to believe the estimate is incorrect; and

2. The estimate will affect the household’s eligibility.

In these cases, the household must obtain an appraisal or produce other evidence of the vehicle’s value, such as a tax assessment or newspaper advertisement listing the price of similar vehicles.

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

Either the equity value of the vehicle or the fair market value of the vehicle minus $4,650 is counted against the household's resource limit.  The equity value is the fair market value of the vehicle minus encumbrances.

{12/26/07}