Determine the value of property by using any one of the following methods.
- Knowledge of a purchase offer made in good faith within the past year.
- The purchase price if the property was recently purchased (unless a reason exists to believe the purchase price was in excess of the current market value, in which case use the procedure in #4).
- The individual’s estimate of the property value without an appraisal, provided that the estimate is confirmed by judgment and knowledge of the value of similar property.
- A statement of probable current market value from a real estate agent or someone well acquainted with real estate values. When such a statement cannot be secured without charge, payment may be made from administrative funds for an appraisal of the present market value by a non-interested person (a real estate or loan agent, certified appraiser, or otherwise competent person) to make appraisals. Explain to the appraiser that s/he may be called upon to appear at a hearing in case of an appeal.