How do I get a rental deduction?

In Indiana, there is not a “rental deduction.” Real estate in Indiana is valued based on “market-in-use.” Rental properties are typically purchased with the intent of investment, not as a primary residence, therefore, investors typically will purchase for a lower price. An income property owner will need to complete a rental questionnaire and supply a copy of the current lease with either the County Assessor’s office or with the Wayne Township Assessor’s office. When this information is filed, we are able to value the property based on sales of other residential rentals through the use of a gross rent multiplier, usually, though not always, resulting in a lower assessed value. This is simply using another approach to value, not an actual deduction or exemption.

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1. My property is assessed as a rental and the value continues to increase. Why?
2. How do I get a rental deduction?
3. What is a GRM?
4. Why do I need to provide my income information?
5. I feel the value is too high. What can I do?
6. I purchased a property for a family member to live in, and they do not pay rent. Does my property qualify?
7. Why are there different GRM’s throughout the county?