Property that annually produces income that is consistent with its fair market value is exempt. This exemption includes land or buildings being sold by installment contract, or property used on a seasonal basis, such as a rental home used for vacation purposes.
A rental home used by a SNAP unit for vacation purposes at some time during the year must be counted as an asset unless the home is annually producing income consistent with its fair market value. Any net income from rent is nonexempt income.
Property that is vital to the employment or self-employment of a unit member, such as, farmland and work related equipment (tools of a tradesman, farm machinery), is exempt.
When a unit member whose farm property is exempt due to self-employment ceases to be self-employed in farming, the value of the farm property remains exempt for a period of one year from the date the self-employment ceased. This exemption includes land, equipment, and supplies.
NOTE: The assets of a categorically eligible SNAP unit are exempt (see PM 05-07-00).