Cal. Code Regs. tit. 22 § 50412

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 50412 - Market Value of Property

(a) The market value of real property shall be (1) or (2), unless the applicant or beneficiary chooses to meet the conditions of (3), and (3) is lower:

(1) The assessed value determined under the most recent property tax assessment, if the property is located in California.

(2) The value established by applying the assessment method used in the area where the property is located, if the property is located outside of California.

(3) The value established as the result of an appraisal by a qualified real estate appraiser, if the appraisal is obtained by the applicant or beneficiary and provided to the county department.

(b) The market value of each item of personal property shall be determined by the specific methods contained in this article.

(c) The market value of notes secured by deeds of trust and mortgages which are considered as other real property in accordance with Section 50441(b) shall be established in accordance with Section 50441(c).

Cal. Code Regs. Tit. 22, § 50412

1. Amendment filed 1-28-77 as an emergency; effective upon filing (Register 77, No. 5).
2. Certificate of Compliance filed 4-22-77 (Register 77, No. 17).
3. Amendment of subsections (a)(3) and (c) filed 5-6-81; effective thirtieth day thereafter (Register 81, No. 19).
4. Amendment of subsection (a)(1) filed 12-31-82 as an emergency; effective upon filing (Register 83, No. 2). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 4-30-83.
5. Certificate of Compliance transmitted to OAL 4-29-83 and filed 6-3-83 (Register 83, No. 23).
6. Amendment of subsection (a)(3) filed 7-24-84 as an emergency; effective upon filing (Register 84, No. 31). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 11-21-84.
7. Order of Repeal of 7-24-84 emergency order filed 12-20-84 by OAL pursuant to Government Code Section 11349.6 (Register 84, No. 51).
8. Amendment of subsection (a)(3) filed 12-2-85 as an emergency; effective upon filing (Register 85, No. 50). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 4-1-86.
9. Certificate of Compliance transmitted to OAL 3-31-86 and filed 4-30-86 (Register 86, No. 18).

Note: Authority cited: Sections 10725, 14006.1 and 14124.5, Welfare and Institutions Code; and Section 57, Chapter 328, Statutes of 1982. Reference: Sections 11153.7 and 14006, Welfare and Institutions Code.