- TO:
- ALL INCOME MAINTENANCE OFFICES
- FROM:
- ALYSON CAMPBELL, DIRECTOR
- SUBJECT:
- DETERMINING VALUE OF REAL PROPERTY
DISCUSSION:
The purpose of this memorandum is to remind staff of the correct policy regarding how to determine the value of real property. Staff should be aware that the appraised/assessed value assigned by the County Assessor for tax purposes can differ significantly from the actual value of the property if sold on the open market.
IM Manual Section 1030.010.20 VALUE OF REAL PROPERTY states:
“When determining eligibility for assistance, consider the value of real estate to be its current market value if sold in the OPEN MARKET. In determining the value of real property, do not use the assessed value as the sole basis of the determination. If eligibility is not in question, personal judgment and the assessed value may be used to confirm the claimant's statement. The claimant's estimate of property value may be accepted without obtaining an appraisal, provided the caseworker's personal judgment, based on experience with similar property, confirms the claimant's estimate.”
Be aware that a hearing will be reversed if the worker relies on the County Assessor’s appraised value of the property and there is no recorded follow up or justification for using this value as the actual appraised value when:
- the claimant submits an actual appraisal that differs from the County Assessors appraised value,
- the value stated on the application differs significantly from the County Assessors appraised value, or
- the claimant does not know the actual value of the property and using the County Assessor’s appraised value results in ineligibility.
If the claimant states on the application that the County Assessor’s value reflects the actual value of the property, and the worker agrees based on past experience, only then may the County Assessor’s value be accepted as the actual value.
NECESSARY ACTION:
- Review this memorandum with appropriate staff.
AC/ko/dh