Per State Stature 1C6-1.1-4-39(b-d), the GRM Method is the preferred method for valuing rental properties. Once the parcel is identified, the information is obtained and it is verified that there is no homestead on file, the Gross Rent Multiplier (GRM) value will be compared to the Cost Approach Valuation Method for the next assessment year and the lower of the two values will be assigned as the assessment.

Rental Form

The Gross Rent Multiplier (GRM) is determined by taking the median sale price of rental properties and dividing that number by the median rent that is received.  The GRM is then multiplied by the median rent to create the assessment. Each area will have a different GRM, based on the sale prices and market rents of each area.  Prior to the 2023 assessment year, our GRMs and the market rents used had not changed for many years, even though the market rents and sale prices began ticking upward around 2020. 

 The Assessors office collected hundreds of updated rental worksheets for the 2023 assessment year.  The number of sales of rental properties also increased, which provided more accurate data to use to create the GRM.  Sales between 2020 and 2023 were used to capture the most accurate information possible.  

The rental form must be updated every two years to ensure accurate and consistent data.  If a landlord is leasing the property below market rent, to a senior , people on a fixed income, or to a family member for free please make sure we are aware of this as well.  This could affect the overall assessment and would be look at on an individual basis.  

Each year we compare the assessed value of the property using the GRM method and the Cost Method.  Whichever method is lower in value,  that value is used for that years assessment.  For these reasons it is imperative that we receive the most accurate data when requested. Please note: These methods cannot guarantee you will get a lower assessed value.

2023 Updated Rents - GRM for Single Family Rentals  
             
Parcel Count  Name Rent Minimum   Rent Median    Rent Maxium    GRM  Median Sale Price
58 Brown TWP (01) $750 $1,575 $2,400 151 $257,500
17 Center Twp (02) $800 $1,250 $1,700 135 $305,000
169 Danville & Danville/Wash (17/30) $800 $1,325 $2,321 144 $149,500
14 Clay Twp (03/13/16) $800 $885 $920 130  
16 EEL River Twp (04,19,28) $600 $700 $775 124 $285,500
8 Franklin Twp (05,22) $850 $875 $900 140  
69 Guilford Twp (06-ONLY)  $900 $1,400 $1,995 125 $144,000
290 Plainfield & PLFD/Liberty (21,27) $1,100 $1,600 $2,500 125 $170,777
42 Liberty Twp (07,15) $700 $1,000 $1,800 120 $145,950
124 Lincoln Twp (08-ONLY)  $960 $1,650 $2,345 133 $182,250
294 Brownsburg & BRBG Washington (14,32) $800 $1,500 $2,500 136 $225,000
8 Marion Twp (09)  $800 $825 $1,200 119  
15 Middle Twp & BRBG/Middle (10,26)  $850 $850 $850 112  
32 Pittsboro & Pitts/Brown (20,29) $750 $1,465 $2,245 150 $205,000
14 Union Twp (11,18) $625 $900 $1,250 130 $245,000
422 Washington Twp (12-ONLY)  $1,200 $1,650 $2,650 140 $183,823
248 Avon & Avon/Lincoln (23,31)  $1,100 $1,850 $2,685 134 $252,995
131 Plainfield/Washington (25-ONLY) $1,200 $1,800 $2,450 134 $235,000
94 Brownsburg/Brown (24-ONLY)  $1,250 $1,700 $2,685 132 $200,000
8 Plainfield/Liberty $1,700 $2,300 $2,750 145