1. (a) An applicant’s net assets shall include the market value of all assets, tangible and intangible, except as provided in (b) below.

2. (b) An applicant’s net assets shall not include the market value of:

   1. (1) The applicant’s residence and the land upon which it is located up to the greater of:

      1. a. Two acres; or
      2. b. The minimum single family residential lot size specified in the municipality’s zoning ordinance; and
   2. (2) The good faith encumbrance(s) on each particular asset other than that identified in (b)(1) above.

Source. #12027, eff 10-28-16; renumbered by #12925 (formerly Rev 412.04))