Haw. Code R. § 17-675-44 - Treatment of some special forms of ownership of real or personal property

(a) The fair market value of the individual's interest in property shall be determined on a case-by-case basis by considering the following variables:

(1) Geographic location;

(2) Land use (developed, undeveloped, income-producing, etc.);

(3) Amenities (utility hookups, access to public roads, etc.);

(4) Land configuration (flag lot, landlocked, etc .);

(5) Marketability; and

(6) Type of ownership.

(b) Acceptable verification of the fair market value includes:

(1) A current sales agreement provided the selling price reflects the current property appraisal or an accurate valuation of the property;

(2) A licensed realtor's written statement which reflects an asessment of each of the variables in paragraph (a);

(3) A licensed appraiser's current valuation of the property; or

(4) The current property tax assessment if the applicant or recipient feels that it represents an accurate valuation of the property.

(c) The value of the individual's share in property shall be determined as a separate unit, on a case-by-case basis by considering the variables listed in subsection (a).

(1) The current value of property under an agreement of sale shall be allocated between the buyer and seller in accordance with their respective interests as follows:

(A) The buyer's interest shall be the fair market value of the real property minus the balance due on the agreement of sale; and

(B) The seller's interest shall be the balance on the agreement of sale.

(2) The current value of property subject to life estates with remainder interest shall be allocated between the life tenant and the remaindermen by determining the present worth of their respective interests using the Social Security Life Estate and Remainder Interest Table (attached as Exhibit 1 at the end of this chapter).

(3) For the financial assistance programs only, the treatment provided in this section is complemented by the procedures set forth in this chapter for providing financial assistance pending removal of legal impediments to ownership of real property and through use of real property liens.

Notes

Haw. Code R. § 17-675-44

[Eff 3/19/93; am 5/27/97] (Auth: HRS § 346-53) (Imp: HRS § 346-53; 7 C.F.R. §273.8; 42 C.F.R §435.851; 45 C.F.R. §233.20) Am and comp 8/28/2022