South Dakota Administrative Rules
Title 67 - Department of Social Services
Article 67:46 - Eligibility for medical services
Chapter 67:46:05 - Long-term care resource requirements
Section 67:46:05:04 - Determining fair market value
Current through Register Vol. 50, page 114, March 25, 2024
The fair market value of property or contractual rights to receive money must be determined by one of the following:
(1) A real estate appraiser;
(2) A Bureau of Indian Affairs realty office;
(3) An average of three estimates from individuals, other than the applicant or recipient, who are familiar with property values within the geographic area;
(4) A Farm Home Administration office;
(5) A bank or savings and loan official;
(6) An agency that specializes in discounting contractual rights using amortization schedules, current property values, or other pertinent data; or
(7) One hundred percent of the county tax valuation unless:
The applicant or recipient must provide documentation to the department which establishes the property's or contract's fair market value. The department reserves the right to obtain and use independent fair market valuations when, in its judgment, the valuations submitted are too high or too low.
The initial value of a life estate is determined according to § 67:46:05:08.
The initial value of contractual rights to receive installment payments for property that was sold is determined according to § 67:46:05:28.
General Authority: SDCL 28-6-1(4)(6), 28-6-3.1.
Law Implemented: SDCL 28-6-1(4)(6), 28-6-3.1.