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.
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