Haw. Code R. § 17-1725.1-33 - Equity value of real property

(a) The equity value of real property shall be determined by subtracting all encumbrances from the fair market value.

(b) The equity value of any real property not designated within this chapter as exempt shall be considered an available asset counted towards the individual's personal reserve.

(c) The fair market value of real property shall be determined by considering the following variables:

(1) Geographic location;

(2) Land use;

(3) Amenities; and

(4) Land configuration.

(d) Acceptable verification of the current fair market value other than the county property tax assessment shall specify how the value was established based on the variables in subsection (c) and may include, but are not limited to the following sources:

(1) A licensed appraiser's written appraisal of the current fair market value of the property;

(2) A current sales agreement that reflects the current property appraisal or an accurate valuation of the fair market value of the property; or

(3) A licensed realtor's written appraisal of the current fair market value of the property.

Notes

Haw. Code R. § 17-1725.1-33

[Eff 09/30/13] (Auth: HRS § 346-53; 42 C.F.R. §§431.10, 435.601, 435.845; 45 C.F.R. §233.20) (Imp: HRS § 346-29; 42 C.F.R. §§431.10, 435.601, 435.845; 45 C.F.R. §233.20)