Current through September 24, 2024
A. Once ownership
or ownership interest in property has been verified, the current market value
(CMV) of the client's ownership interest is determined based on the coverage
group of the applicant or beneficiary and whether Supplemental Security Income
(SSI) or liberalized resource policy is applicable.
B. Under liberalized resource policy, the CMV
is established using the most recent county property tax assessment notice
unless a tax assessment for a prior time period is needed, such as to establish
CMV when a transfer of assets occurred.
1.
The true value of the property as shown on the county property tax assessment
notice is used to establish CMV. If the true value is not shown, the property
tax assessed true value is calculated as follows:
a) A tax assessed value divided by the county
tax assessment ratio is the CMV based on the assessment. Class 1 property is
home property and Class 2 property is non-home property. Class 2 property may
adjoin home property and therefore be included in the definition of home
property.
b) Property in
Mississippi is assessed at ten percent (10%) for Class 1 (home) property and
fifteen percent (15%) for Class 2 (non-home) property.
c) The assessed value divided by the
applicable assessment ratio is used to arrive at the true value of property.
For example, Class 1 (home) property has an assessed value of five thousand
dollars ($5,000.00). Divide five thousand dollars ($5,000.00) by ten percent
(10%). The true value is fifty thousand dollars ($50,000.00) based on the
county tax assessment.
2. If the individual disagrees with the true
value as shown on the appropriate county property tax assessment notice or
calculated using the county property tax assessed value, the individual must
obtain a knowledgeable source estimate to establish CMV as required under SSI
policy.
C. SSI Policy
requires obtaining a knowledgeable source estimate to establish the CMV of real
property. Knowledgeable sources include, but are not limited to:
1. Real estate brokers,
2. Local office of the Farmer's Home
Administration (for rural land),
3. Local office of the Agricultural
Stabilization and Conservation Service (for rural land),
4. Banks, savings and loan associations,
mortgage companies and similar lending institutions, and
5. An official of the local property tax
jurisdiction (must obtain an estimate rather than the office's assessment).
6. Licensed Mississippi real
estate appraisers.
D.
When CMV has an impact on eligibility and applicants or beneficiaries disagree
with the CMV evidence submitted or obtained by the Medicaid specialist, a
rebuttal determination must be made.
1. The
rebuttal determination must take into account:
a) All the evidence previously in the file
including, but not limited to, the individual's original allegation, any tax
assessment notices and any estimates from knowledgeable sources,
b) Any additional evidence the individual
wishes to submit including, but not limited to, evidence that the individual's
ownership interest in the property is worth less than the CMV determined total
value of the property divided by the number of owners, and
c) Any other facts about the property or
about market conditions where it is located.
2. The rebuttal must be supported by a
preponderance of the evidence which may require one (1) or more additional
estimates from knowledgeable sources.
E. For both SSI and liberalized policy, the
CMV less any legally binding debts against the property is the countable equity
value for real property that cannot be excluded under any real property
exclusion.
Miss. Code Ann. §
43-13-121.
