What are resources?

Resources are the things that you own, such as your home, property, cash, money in the bank, stocks, bonds, Certificates of Deposit (CDs), retirement accounts, mobile homes, vehicles, etc. When you apply for food stamps, you must report everything that you own. You must also report anything that you own with another person. Your worker will then determine the value of your resources. She will also determine if the resource is counted or if it is exempt (not counted).

How much can you have in resources and still get food stamps?

To be eligible for food stamps, your food stamp household may have up to $2,000 in the resources that are counted. If someone in your food stamp household is at least 60 years old, your household may have up to $3,000 in countable resources. This amount is called the Resource Limit.

Which resources are counted and which resources are not counted?

Some of your resources are exempt (not counted). These include: your home and the land attached to your home, household goods, personal items, tools, one burial plot per each household member, the cash value of your life insurance policies, equipment needed to operate your business if you are self-employed, etc.

The value of the other things that you own is counted by your worker. If the value of your countable resources is more than the Resource Limit, you cannot get food stamps. Some of the resources that are counted include: cash, money in the bank, stocks, bonds, Certificates of Deposit (CDs), lump sum payments, Individual Retirement Accounts, KEOGH Plans, trust funds, vehicles, etc. If there is a loan against the resource, the loan balance is usually subtracted from the value of the resource.

If you only own a portion of a resource, only your share of the resource is counted. There are many rules that are used to determine how much is counted. If you have specific questions about the countable value of something you own, you may contact your local legal aid office for answers.

How are my vehicles counted?

The countable value of your vehicle determined by how it is used and the the Fair Market Value of your vehicle as listed in the NADA (National Automobile Dealer's Association).

The entire value of your vehicle is not counted if it is (1) used to produce income (for example, a taxi, farm truck, or fishing boat), (2) necessary for long-distance travel (for example, a traveling salesman or migrant farm worker following the work stream), (3) needed to transport a (permanently or temporarily) disabled household member, (4) needed to carry fuel for heating or water for the home, or (5) used as a home for the household, etc. If you have specific questions, you may contact your legal aid office for answers.

If your vehicle is used for work or general household errands, your worker determine the countable value of the vehicle. She will only count the difference between the current Fair Market Value of your vehicle and $4650, the current vehicle exclusion amount. (The vehicle exclusion amount is determined by the state food stamp program.) For example, if the current Fair Market Value of your vehicle is $5650, the countable value would be $1,000 ($5650 - $4650 = $1,000). Again, for specific questions, please contact your local legal aid office.

One vehicle for every adult household member may receive the $4650 vehicle exclusion. The full Fair Market Value of any additional non-exempt vehicle(s) counts toward the household's resource level.

What if you think the Fair Market Value of your vehicle is too high?

Your vehicle might have high mileage or unusual damage such as upholstery tears, dents, rust, etc. If you think the Fair Market Value is too high, you may get a statement from an appraiser or automobile dealership. If the appraised value is lower, the agency will use this instead of the Fair Market Value.