Value of Vehicle Calculation

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How is the value of a vehicle that is not excluded from the Food Supplement asset test calculated?

DHHS must evaluate the fair market value (average trade in value) of each licensed vehicle that is not excluded from the asset test.  DHHS will count only the fair market value that exceeds $4,650, toward the household asset test.   

DHHS must determine the equity value for each licensed and unlicensed vehicle, unless specifically exempt from the equity value test.  Equity value is the fair market value less loans or other encumbrances.  DHHS will count a vehicle as an asset only if the vehicle has a value of more than $4,650.  They will use the value that is greater, either fair market or equity.