I own a rental property. To stay competitive, I cannot raise the rent. What can I do to help offset the increases in property taxes?

Published 04/14/2008 07:29 AM   |    Updated 10/02/2013 02:54 PM

I own a rental property. To stay competitive, I cannot raise the rent.  What can I do to help offset the increases in property taxes?

Like all taxpayers, rental property owners can appeal their assessment if they believe it is incorrect. The Gross Rent Multiplier (GRM) can be used to calculate the approximate value of the property:

Sale Price ÷ Monthly Gross Income = GRM

Example: $60,000 ÷ $525 = 114

Subject's monthly market rent X GRM = Market Value

Example: $600 X 114 = $68,400

For more information, please see http://www.in.gov/dlgf/2338.htm, or call 317.232.3777.

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