67:12:05:06Tangible personal property considered a resource.

Tangible personal property of an applicant or recipient is considered a resource subject to § 67:12:05:05 and valued according to its equity value, except: (1) Household goods essential for day-to-day living; (2) Items that have an equity value of less than five hundred dollars. Final determination of an item's value must be made by an individual, other than the applicant, who is familiar with and can place a value on the property; (3) A personal wedding and engagement ring, made with precious stones or metals; and (4) The equity in one vehicle of no more than one thousand five hundred dollars, if the vehicle is the assistance unit's primary mode of transportation.

Source: SL 1975, ch 16, § ; 2 SDR 24, effective October 1, 1975; 7 SDR 23, effective September 18, 1980; 7 SDR 66, 7 SDR 89, effective July 1, 1981; 8 SDR 95, effective February 18, 1982; 14 SDR 140, effective May 1, 1988; 20 SDR 196, effective May 23, 1994; 52 SDR 55, effective December 2, 2025.