Determining Equity Value 430-05-45-10-30

(Revised 01/01/04 ML2893)

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The equity value is the fair market value less the amount owed. The excess fair market value (the value over $4,650) is counted and the equity value is not counted for the following partially exempt vehicles (the appropriate TECS codes on the VEHI screen under the EXT T/P column are listed):

 

1. One licensed vehicle per adult household member (or an ineligible alien or disqualified household member whose resources are being considered available to the household), regardless of use. (AM)
2. Any other vehicle a household member under the age of 18 (or an ineligible alien or disqualified household member under age 18) uses to commute to:

1. Employment. (WS)
2. Training or education which is preparatory to employment, including high school education. (WS)
3. Seeking employment in compliance with job search. (LW)

 

This equity exclusion applies during temporary periods of unemployment to a vehicle which a household member under the age of 18 drives to commute to and from employment.

 

TECS excludes $4,650 from vehicles with exemption codes and these vehicles are then exempt from the equity test.  Only the excess fair market value is counted.