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.