Kentucky Statutes 205.591 – “Fair market value” of applicant’s property if used to determine eligibility
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If the Department for Medicaid Services considers the fair market value of an applicant’s property for purposes of determining eligibility, “fair market value” means:
(1) An estimate of the value of an asset if sold at the prevailing price at the time it was actually transferred, based on:
(a) The most recent certified assessed value of the property as listed by the local property valuation administrator; or
(b) The professional opinion of an independent, licensed appraiser; or
(2) The price brought on the property at a public auction conducted by a licensed auctioneer.
Effective:June 29, 2017
History: Created 2017 Ky. Acts ch. 138, sec. 3, effective June 29, 2017.
(1) An estimate of the value of an asset if sold at the prevailing price at the time it was actually transferred, based on:
Terms Used In Kentucky Statutes 205.591
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
(a) The most recent certified assessed value of the property as listed by the local property valuation administrator; or
(b) The professional opinion of an independent, licensed appraiser; or
(2) The price brought on the property at a public auction conducted by a licensed auctioneer.
Effective:June 29, 2017
History: Created 2017 Ky. Acts ch. 138, sec. 3, effective June 29, 2017.