RESIDENTIAL RENTALS
Per Indiana law:
"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 to the assessor not later than the assessment date. However, the taxpayer is not prejudiced in any way and is not restricted in pursuing an appeal, if the data is not submitted by the assessment date. A taxpayer must verify under penalties for perjury any information provided to the township or county assessor for use in the application of either method. All information related to earnings, income, profits, losses, or expenditures that is provided to the assessor under this section is confidential under IC 6-1.1-35-9 to the same extent as information related to earnings, income, profits, losses, or expenditures of personal property is confidential under IC 6-1.1-35-9"
RENTALS
Because income properties are purchased with investment as the intent rather than owner occupancy, the state's preferred valuation methodology is through the use of a Gross Rent Multiplier (GRM). The GRM creates a relationship between the gross rent generated by a rental property and the sale price, allowing for assessments based on the investment potential.
That Gross Rent Multiplier is multiplied by the market rent for the subject property, producing the Income Approach to value for the property. Market rent of a facility is not the actual rent of a facility, however the two could be.
Our rental studies are typically conducted on a bi-annual basis, and rental owners in our database should expect to see mailings seeking updated information every other year. However if you own a rental property and desire your property's information be updated you need not wait for these mailings to occur. At the bottom of this page you will find the ability to complete a property's rental data collection sheet from the convenience of wherever you are. Also you will find the ability to pull up a PDF copy of the sheet, which can be filled out and mailed in or saved and emailed to the address located at the top of the sheet itself.
Know that a rental data collection sheet is not something which the assessor's office can force you to provide; failure to provide however, will result in the property being unable to have the income approach to value taken into consideration.
