Residential Rental Properties
Phone/Fax: (260) 449-3115
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
Own a rental property? Please fill out this brief online questionnaire for Single/Duplex or Triplex/Multiplex. Each form is also available as a fillable PDF below for submission via email, mail, or fax.
How is this info used to value rental properties? Find out here.
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.
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