South Dakota Codified Laws 28-13-32.8. Household resources
For the purpose of determining a household’s resources, the county shall consider all resources, including:
(1) Equity value of the household’s primary residence, excluding the homestead exemption provided for in subdivision 43-45-3(2);
Terms Used In South Dakota Codified Laws 28-13-32.8
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) Equity value of other real property;
(3) Equity value of major recreational and other leisure equipment including watercraft, campers, recreational vehicles, all–terrain vehicles, and snowmobiles;
(4) Equity value, in excess of five thousand dollars, of all motor vehicles;
(5) Personal assets, including cash in excess of one–half month’s income, stocks, securities, accounts and notes due the person or the person’s household, cash values of life insurance policies, collectible judicial judgments in favor of the person or the person’s household, and monetary gifts;
(6) Equity value of business property, including real estate, equipment, and inventory; and
(7) Equity value of household goods and personal property beyond that which is reasonably essential for everyday living and self–support.
Equity value is determined by subtracting an asset’s outstanding indebtedness from its fair market value.
The county shall subtract five thousand dollars from the total of the household’s countable resources to determine the household’s adjusted resources.
Source: SL 1997, ch 170, § 15.