Residential Rental Properties
Phone: (260) 449-3115
Fax: (260) 449-3115
In response to the 2020 Covid-19 Pandemic, our office has prepared a brief questionnaire. The purpose of this questionnaire and file request (2018, 2019, & 2020 federal income tax forms Schedule E or Form 8825) is to determine the effects of the last year on investment property gross rents. 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!
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.
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