UPDATED JUNE RESOURCES REAL PROPERTY CONTIGUOUS PROPERTY AND NONCONTIGUOUS PROPERTY Description Contiguous property is any land adjoining the homestead which is held on a separate deed from the hom
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Presentation on theme: "UPDATED JUNE RESOURCES REAL PROPERTY CONTIGUOUS PROPERTY AND NONCONTIGUOUS PROPERTY Description Contiguous property is any land adjoining the homestead which is held on a separate deed from the hom"‚ÄĒ Presentation transcript:
Page 1 UPDATED: JUNE 2010 276 RESOURCES REAL PROPERTY CONTIGUOUS PROPERTY AND NON-CONTIGUOUS PROPERTY Description: Contiguous property is any land adjoining the homestead, which is held on a separate deed from the homestead and may be liquidated separately. Property is considered to adjoin the homestead if the only intervening real property is an easement or public right of way, such as a street, road or utility. Non-contiguous property is property owned by the A/R that does not adjoin the homestead. Policy: For SSI-related A/Rs, contiguous property is considered part of the homestead and therefore exempt. References: SSL Sect 366 366 ee Dept. Reg. 360-1.4(f) 360-4.4 360-4.7 (a)(1) ADM 10 OHIP/ADM-01 GISs 09 MA/027 06 MA/009 Interpretation: An A/R may own parcels of land contiguous to his/her homestead. Land is considered to be contiguous when the land is on a separate deed from the homestead and may be liquidated separately from the homestead. Contiguous property is considered an essential part of the homestead of SSI-related A/Rs. The A/R may also own land, which is not contiguous to the homestead. The equity value of non-contiguous land (other than income-producing property) is considered a resource for SSI-related A/Rs. (See RESOURCES REAL PROPERTY INCOME PRODUCING for the treatment of income-producing property.) (MRG) Page 2 (MRG) UPDATED: JUNE 2010 277 RESOURCES REAL PROPERTY CONTIGUOUS PROPERTY AND NON-CONTIGUOUS PROPERTY Verification: The preferred method of verifying market value is to obtain an independent appraisal by a licensed real estate appraiser. If this is not practical, use the listed asking price accompanied by a market analysis or appraisal, if any; or, if neither is available, use a full value tax assessment. However, if it is clear based on the approximate value of the property that the SSI-related A/R is ineligible due to excess resources, the local district may rely on a statement from the applicant as to the propertyís value. The A/R cannot be required to pay for an appraisal. All liens and mortgages against the property are verified by reviewing the documentation.