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 the County 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.