Residential Rental Properties
Phone: (260) 449-3115
Fax: (260) 449-3115
In order to determine the financial impacts associated with the Covid-19 Pandemic, we are requesting owners to file their 2018-2020 Federal Schedule E or Federal Form 8825, as well as a copy (first page) of the current lease. The goal is to have accurate data to determine the effect of this pandemic on property values. We are requesting that any available forms be filed as soon as possible and updated when a new lease is signed. This form may be submitted online with electronic attachments or submitted by mail or fax. Due to state deadlines, we are requesting that this data be provided by March 1st, 2021 at the latest to be considered for the 2021 assessments. Please feel free to contact us with any questions. We appreciate your cooperation in this effort!
Allen County currently uses the Income Approach as well as the Cost Approach when assessing income-producing properties. Because income properties are purchased with investment as the intent rather than owner occupancy, the market is different and the State requires the Gross Rent Multiplier to be used. The Gross Rent Multiplier creates a direct relationship between the gross rent generated by a rental property and the sale price, or market value, allowing for assessments based on the investment potential.
Sale Price / Rent = Gross Rent Multiplier (GRM)
Rent * GRM = Assessed Value
Per IC 6-1.1-4-39, ".........If a taxpayer wishes to have the income capitalization method or the gross rent multiplier method used in the initial formulation of the assessment of the taxpayer's property, the taxpayer must submit the necessary information (rental questionnaire and copy of lease/Schedule E) to the assessor not later than the January 1 assessment date....."
Do you own a rental property that was previously receiving the Homestead Deduction? If so, you must notify the Auditor's Office. Click here to access the form.
More Helpful Information:
Frequently Asked Questions
Rental Cheat Sheet