ARSD 67:12:05:01. Definitions

Terms used in this chapter mean: (1) "Earned income," income in cash or in kind, before income taxes, social security taxes, insurance premiums, or savings bond deductions, earned by an applicant or recipient through the receipt of wages, salary, commissions, or fees. For a self-employed individual, it is the income remaining after deducting the business expenses allowed in § 67:12:05:12; (2) "Encumbrance," a claim, lien, charge, legal debt, chattel mortgage, or liability of record attached to and binding real property, personal property, or real and personal property; (3) "Equity value," the current fair market value minus encumbrances of record as of the date of evaluation; (4) "Fair market value," the price an item of a particular make, model, size, material, or condition is likely to sell for on the open market in the geographic area involved; (5) "Liquid assets," cash on hand, plus tangible or intangible personal property that may be readily converted into cash within thirty days; and (6) "Personal property," as defined in SDCL 43-1-2 and 43-1-3.