Property Verification

Property must be verified at application, redetermination, and whenever a client reports a change in circumstance. Property can be verified by exparte of electronic data sources (MEDS/IEVS-AVP), and paper sources received within the last 90 days.

Verification Required

Market Value of Real Property Other Than Home

  • Tax statement
  • Records maintained by tax assessor's office
  • Written statement from a member of a recognized professional appraisal society which gives the appraisal value of the property
  • Checking account, savings account (current statement).
  • Recently signed correspondence from the institution holding funds.
  • An ATM receipt may be used only as a temporary verification until the next routine bank statement is available.

Value of Stocks, Bonds, and Mutual Funds

  • Viewing certificate or signed statement from issuing institution stating the description of the investment, including the number of shares owned, and
  • Telephone contact with a recognized stock exchange broker to establish the current selling price of the property, through listing in the current newspaper.

U.S. Savings Bonds

  • View Bonds, and
  • Contact bank or institution where bonds may be liquidated.

Deeds of Trusts, Mortgages, and Promissory Notes.

  • View documents, and
  • Take one of the following actions:
    • View document from lender which establishes principal amount remaining on the note
    • Appraisal from a qualified person.
    • Telephone call to the recognized broker.

Value of Nonexempt Vehicles.

  • Vehicle registration
  • Kelley Blue Book, or
  • Appraisal statement.

Note: The value of an exempt vehicle does not have to be verified.

Nonexempt Insurance Policies

  • Value tables included in policy
  • Statement from insurance company.

Nonexempt jewelry (NMV over $100 for each piece)

  • Three appraisal statements.

Burial Trusts or Pre-Paid Burial Contract

  • View Trust or Contract
  • Signed correspondence from the trustor or contractor which details its value

Nonexempt Property Held in Trust

  • Document indicating current value
  • Appraisal of property.

Value of Oil Leases

  • Written or telephone contact with a professional appraisal society
  • Records maintained by a tax assessor
  • Written or telephone contact with the company or organization developing the natural resource which establishes the current value.

 

 

Related Topics

Property Limits

Property Assessments