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"
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 conducted on a bi-annual basis, however if you own a rental property and desire your property's information be updated with the most recent data please print and submit the Rental Data Collection Sheet.
If you own a single family rental property and wish to provide your rental information, you can now use the form below titled Single Family Rental to report your rental information. We are working to provide this option to 2, 3 and 4 unit residential rental properties as well.