10- 144 C.M.R. ch. 301, § 300-FS 333-3
GENERAL RULE:
The fair market value and/or equity value of all nonexempt vehicles is counted. Encumbrances are not considered in determining fair market value.
EXCEPTIONS:
If NADA book value does not apply (antique, custom or classic cars), a dealer appraisal will be required. If the car is not listed in the NADA Book or recipient claims the car is in less-than-average condition, recipient value may be accepted, unless questionable. If value will affect eligibility, require verification from a knowledgeable source.
Vehicles that are jointly owned by a household member and a non-household member who does not live with the household are excluded from countable resources provided that the vehicle is unavailable to the household member because the household member does not have possession of, or use of, the vehicle and the household member is unable to sell the vehicle because the signature of the co-owner is needed and he or she will not sign.
Inability to sell the vehicle is only one factor. If the household has use of the vehicle, it is not excluded due to joint ownership. If the household is not using the vehicle, but has possession of the vehicle, it is not excluded due to joint ownership.
NOTE: The fair market value of vehicles is found in NADA Book under Average Trade-in Value (excluding optional equipment, mileage or special equipment for disabled).
NOTE: A household is not limited to a certain number of vehicles per household size or per the number of licensed drivers. Each vehicle is to be evaluated separately.
VEHICLES WILL BE EVALUATED AS FOLLOWED
Fair Market Value Test (Average Trade-in Value) Fair Market Value - $4,650.00 Excess Value | Equity Test Fair Market Value - Amount owed Equity Value | |
Producing income Includes vehicles needed to do a particular job. Includes vehicles deemed necessary by the employer. It does not include vehicles necessary for commuting to and from employment. | DO NOT count | DO NOT count |
Used as a home | DO NOT count | DO NOT count |
Transporting a physically disabled household member If disability is not evident, or if the disabled member does not receive disability payments, written proof of impairment must be produced by a physician. | DO NOT count | DO NOT count |
Carrying heating fuel or water When such heating fuel or water is anticipated to be the primary source of fuel and water for the household during the certification period. | DO NOT count | DO NOT count |
Value is inaccessible (sale would produce less than $1500) | DO NOT count | DO NOT count |
One vehicle per household | DO NOT count | DO NOT count |
One licensed vehicle per adult member | USE this Rule | DO NOT count |
Commuting to employment or job training or seeking employment | USE this Rule | DO NOT count |
Additional licensed vehicles | Count the Greater of Fair Market or Equity Value | |
Unlicensed vehicles | DO NOT count | USE this Rule |
EXCEPTION: Vehicles on Indian Reservations not required to be licensed will be evaluated the same as licensed vehicles.
10- 144 C.M.R. ch. 301, § 300-FS 333-3