a) Homestead
Property
1) The home and surrounding property
that, exclusive of public rights of way, is not separated from the home by
intervening property owned by others.
2) Homes that are temporarily unoccupied for
reasons of employment, training for future employment, illness, or
inhabitability caused by casualty or natural disaster, remain exempt if the
household intends to return.
3) A
lot owned or being purchased by the household if the household intends to build
or is building a permanent home and the household does not currently own a
home.
b) Personal
Property
Household goods, personal effects, one burial plot per
household member, and the cash value of life insurance policies. Pension plans
are exempt from consideration as an asset, except accounts owned solely by an
individual, such as an Individual Retirement Account (IRA), 401 K or Keogh
Plan, that are accessible without a penalty for withdrawal.
c) Income Producing Property
1) Property that is annually producing income
consistent with its fair market value (including land or buildings being sold
by installment contract), even if only used on a seasonal basis.
2) Property that is essential to the
employment or self-employment of a household member, such as, farmland and work
related equipment (tools of a tradesman, farm machinery). In the case of farm
property (including land, equipment, and supplies) that is essential to the
self-employment of a household member in a farming operation, the value of the
property shall be excluded from financial resources until the expiration of the
one year period beginning on the date the member ceases to be self-employed in
farming.
3) A rental home that is
used by a household for vacation purposes at sometime during the year is an
asset, unless excluded by subsection (c)(1).
d) Disaster Relief Payments
Disaster relief payments provided by federal, state or local
government or a disaster assistance organization.
e) Inaccessible Assets
Assets whose cash value is not accessible to the household,
such as, but not limited to:
1)
irrevocable trust funds,
2)
security deposits on rental property and utilities,
3) property in probate,
4) real property when a good faith effort is
being made to sell at a reasonable price,
5) jointly owned assets that cannot be
practically subdivided and are accessible only with the consent of the joint
owner who refuses to give that consent,
6) non-liquid asset or assets (see Section
121.57(b)(2)(B))
that have a lien against it as a result of a business loan and the household is
prohibited by the security or lien agreement from selling the asset or
assets,
7) monies received from the
Social Security Administration under the PASS Program that are held in a
separate account, or
8) an asset
that, when sold or otherwise disposed of, would net the household less than
$1500. The net is determined by subtracting the expenses of disposing of the
property from the equity value. This does not apply to negotiable financial
instruments or stocks and bonds.
f) Prorated Income
Money that has been prorated as income, such as income of
self-employed persons or students.
g) Indian Lands
Indian lands held jointly with the tribe, or land that can be
sold only with the approval of the Bureau of Indian Affairs.
h) Federal Statute Exclusions
Assets excluded for SNAP purposes by express provision of
Federal Statute.
i)
Vehicles
j) Assets of a TANF or SSI
household member
All assets of a household member who receives TANF or SSI
benefits.
