WAG 07-04-07: Assets with Low Equity Value

PM 07-04-07

Example: Mrs. M owns 5 acres of timber. She does not plan on building a home there and the property is not for sale. The fair market value is $15,000 and Mrs. M. owes $13,500 on the property. The equity value is $1500. The realtor's fee to sell the property would be $1050.

Because the FS unit would only receive $450 if the property was sold, the property is totally exempt. Mrs. M is not required to try to sell the property to be eligible for SNAP.