A discussion examining the what s, why s and how s of valuing residential rental properties and then defending those values.

Transcription

1 A discussion examining the what s, why s and how s of valuing residential rental properties and then defending those values. 1

2 Laura Boltz Allen County Market Data Specialist, Level III Certified Assessor-Appraiser 1 E Main St, Ste 415 Fort Wayne IN laura.boltz@co.allen.in.us (260)

3 Allen County Rental locations: 3

4 Allen County Rental Breakdown Agriculture % Urban Multifamily % Urban Single Family % Suburban Multifamily % Suburban Single Family % 4

5 What is a residential rental property? Section 2. IC : real property regularly used to rent or otherwise furnish residential accommodations for periods of thirty (30) days or more.. By this definition, this could be a property, 1-4 units, which is rented on the open market, providing housing for friends, family, charity, and/or owneroccupied, etc. 5

6 How is a residential rental to be assessed? Section 2. IC (b): The gross rent multiplier method is the preferred method of valuing: (1) real property that has at least one (1) and not more than four (4) rental units. Preferred definition: 1Like (one thing or person) better than another or others; tend to choose: 6

7 Gross Rent Multiplier Gross Rent Multiplier (GRM) (1) The factor by which gross rent is multiplied in order to obtain an estimate of value (2) The ratio between sale price and potential gross income or effective gross income. By convention, the gross rent multiplier is typically the term used when developing the relationship based on monthly rent. Glossary for Property Appraisal and Assessment: Second Edition, International Association of Assessing Officers,

8 GRM Formula Formula (GRM): = Sale price/monthly Gross Rent Example: Sale $30,000/Mos. Rent $500 = Example: Sale $50,000/Mos. Rent $850 = Formula (GIM): = Sale price/annual Gross Rent Example: Sale $30,000/Ann. Rent $6,000 = 5.00 Example: Sale $50,000/Ann. Rent $10,200 =

9 Practice Problem 1: What is the indicated GRM for each sale? Sale Price - $18,000 Sale Price - $20,000 Sale Price - $50,000 Sale Price - $100,000 Sale Price - $150,000 Rent - $300/month Rent - $500/month Rent - $1,000/month Rent - $1,200/month Rent - $2,000/month 9

10 Practice Problems What is the indicated GRM for each sale? Sale Price - $18,000 Rent - $300/month $18,000/$300 = GRM Sale Price - $50,000 Rent - $1,000/month $50,000/$1,000 = GRM Sale Price - $100,000 Rent - $1,200/month $100,000/$1,200 = GRM Sale Price - $150,000 Rent - $2,000/month $150,000/$2,000 = GRM 10

11 Allen County GRM s through the years: 6p7 7p8 8p9 9p10 10p11 11p12 12p13 13p14 14p15 15p

12 Basic tools, tips, etc., for beginning and continuing to assess residential rentals: 12

13 Data Collection & Outreach Outreach is incredibly important Investors and landlords should feel that you are being fair and uniform in the values. Open houses for investors provide an opportunity for investors to come and meet face-to-face. Express a willingness to meet with any groups to speak: landlord associations, realtors, etc. Continuous mailings reminders to file info, changes in deadline dates, etc. 13

14 Data collection and the Internet: The internet and your county website are the first place many taxpayers go to find information. Make sure you have accurate contact information Have an explanation of the income approach and the advantage to the taxpayer of having two methods (cost & income) available to them. Pdf forms, excel sheets, definitions, and frequently asked question sheets Links to other offices, such as auditor, treasurer, township 14

15 The investors do listen: / / 15

16 Samples of form letters requesting income information currently being used by various counties and available online: 16

17 Questionnaire samples: 17

18 Questionnaire samples (cont d): 18

19 *What do all of these questionnaires have in common? *What information being requested is not included on all questionnaires? *Is there other information which might be useful? 19

20 What do all of these questionnaires have in common? (cont d) Owner name Contact info: may include mailing address, , phone number, etc. Unit count Monthly rent per unit Utility information Vacancy information 20

21 Alternate questionnaire information requested: Bedroom count Bathroom count Schedule E requests for last 3 years Lease requests Improvement information How tenants were found for property What else might be helpful information to request? 21

22 Tracking information Data Entry Once this information is provided, a method of data entry is needed. Excel: A column for each required field Access: A database showing the various features and characteristics CAMA program would depend on the particular program Samples of Excel & Access methods: 22

23 Excel Sample dir street name street type city state zip owner last owner first owner mailing owner city state zip square bedrooms - footage unit 1 Utilities gross monthly rent - unit 1 COMPTON ST WALKER GARY R 4342 CADILLAC DRFORT WAYNE IN Tenant $ W TILL RD WALKER GARY R 4343 CADILLAC DFORT WAYNE IN Tenant $ SAINT JOE RD WALKER GARY R 4344 CADILLAC DFORT WAYNE IN Tenant $ DODGE AV WALKER GARY R 4345 CADILLAC DFORT WAYNE IN Tenant $ ARCH TREE LN WALKER GARY R 4346 CADILLAC DFORT WAYNE IN Tenant $1, LIVE OAK DR WALKER GARY R 4347 CADILLAC DFORT WAYNE IN Tenant $ CADILLAC DR FORT WAYNE IN WALKER GARY R 4348 CADILLAC DFORT WAYNE IN Tenant $ COLERICK ST WALKER GARY R 4349 CADILLAC DFORT WAYNE IN Tenant $ WABASH ST WALKER GARY R 4350 CADILLAC DFORT WAYNE IN Tenant $ LILLIE ST WALKER GARY R 4351 CADILLAC DRFORT WAYNE IN Tenant $ CENTRAL DR FORT WAYNE IN WALKER GARY R 4352 CADILLAC DRFORT WAYNE IN Tenant $ E PAULDING RD FORT WAYNE IN WALKER GARY R 4353 CADILLAC DFORT WAYNE IN Tenant $ WINTER ST WALKER GARY R 4354 CADILLAC DFORT WAYNE IN Tenant $ WEISSER PARK AV WALKER GARY R 4355 CADILLAC DFORT WAYNE IN Tenant $ BOWSER ST WALKER GARY R 4356 CADILLAC DFORT WAYNE IN Tenant $ HOLTON ST WALKER GARY R 4357 CADILLAC DFORT WAYNE IN Tenant $ E PONTIAC BL WALKER GARY R 4358 CADILLAC DFORT WAYNE IN Tenant $ ROCKHILL CT WALKER GARY R 4359 CADILLAC DFORT WAYNE IN Tenant $ WARSAW ST WALKER GARY R 4360 CADILLAC DFORT WAYNE IN Tenant $ SMITH ST WALKER GARY R 4361 CADILLAC DRFORT WAYNE IN Tenant $ MOUNT VERNON ST WALKER GARY R 4362 CADILLAC DRFORT WAYNE IN Tenant $ CHESTNUT ST WALKER GARY R 4363 CADILLAC DFORT WAYNE IN Tenant $ WINTER FORT WAYNE IN WALKER GARY R 4364 CADILLAC DFORT WAYNE IN Tenant $

24 Access Sample 24

25 How good is your data entry? When stratifying, this is when the data entry will decide the end result. Junk in Junk out Using Excel Excel will allow you to sort and group in various ways. Importing information from your CAMA software is an important tool which your support can assist you with. Access queries can be created to export to Excel the data you require CAMA software your provider should/could be able to assist in creating exportable reports to assist you. 25

26 Market Rent 26

27 Market rent definition: As part of the appraisal process, it is necessary to determine the potential earnings capacity of properties or the rent currently prevailing in the market for comparable properties (IAAO Glossary for Property Appraisal & In order to define market rent for specific property types, we need to know what actual rents are and the characteristics of those properties. So, how do we find actual rents? 27

28 Finding Actual Market Rents: Known rentals: in order to for the income approach to be used for a specific property, under IC , an owner is required to submit the required information not later than the assessment date (January 1, 2016 and forward) Send out mailings, 1-3 months prior to January 1 reminding owners who have not filed Postcards Internet Phone calls Appeals require verification to consider income approach 28

29 Finding Actual Market Rents: (cont d) Possible rentals: Mailing address does not match physical address Internet/Newspaper ads Community notice-boards Realtors Sales Disclosures. 29

30 Characteristics of properties with reported rents: Where are the rentals located? What are the specific characteristics: size, bedroom count, condition, etc.? Other details which could be important? 30

31 Once you have rents & characteristics, then stratification begins: Property class always compare like-to-like. Single family, duplexes, triplexes, and 4-units should be grouped by property class. Location Bedroom count Size Square footage???????? And the list can go on. 31

32 Sample Neighborhoods: A. Uniform neighborhood Neighborhood A: Address House Type Year Built Grade Condition Sq Feet Bed Ct Rent Simple Living Nbhd 1321 Cookie Cutter Cir 40 Conventional 1 story 1962 D+2 Average 1, Simple Living Nbhd 1533 Copy Cat Cv 40 Conventional 1 story 1964 D+2 Average 1, Simple Living Nbhd 1616 Copy Cat Cv 40 Conventional 1 story 1964 D+2 Average 1, Simple Living Nbhd 533 Metoo Dr 40 Conventional 1 story 1963 D+2 Average 1, Simple Living Nbhd 1644 Copy Cat Cv 40 Conventional 1 story 1966 D+2 Average 1, Simple Living Nbhd 217 Metoo Dr 40 Conventional 1 story 1960 D+2 Average 1, Median Rent for a 3 bedroom House: $655 32

33 Practice Problem 2 NBHD ADDRESS YR BUILT GRADE COND SQ FT BED RENT Ideal 2211 PRIMROSE RUN 1983 C+1 A Ideal 9515 POLLYANNA DR 1985 C+1 A Ideal 9418 POLLYANNA DR 1984 C+1 A Ideal 9424 POLLYANNA DR 1984 C+1 A Ideal 9518 POLLYANNA DR 1986 C A 1, Ideal 9516 OPTIMAL CT 1983 C+1 A What is the indicated market rent for a 2 bedroom home in Ideal Neighborhood? 33

34 Practice Problem 2: solution NBHD ADDRESS YR BUILT GRADE COND SQ FT BED RENT Ideal 2211 PRIMROSE RUN 1983 C+1 A Ideal 9515 POLLYANNA DR 1985 C+1 A Ideal 9418 POLLYANNA DR 1984 C+1 A Ideal 9424 POLLYANNA DR 1984 C+1 A Ideal 9518 POLLYANNA DR 1986 C A 1, Ideal 9516 OPTIMAL CT 1983 C+1 A What is the indicated market rent for a 2 bedroom home in Ideal Neighborhood? Step 1 Eliminate all properties which don t have 2 bedrooms 34

35 Practice Problem 2: solution NBHD ADDRESS YR BUILT GRADE COND SQ FT BED RENT Ideal 9518 POLLYANNA DR 1986 C A Ideal 9515 POLLYANNA DR 1985 C+1 A Ideal 9516 OPTIMAL CT 1983 C+1 A Ideal 2211 PRIMROSE RUN 1983 C+1 A Ideal 9424 POLLYANNA DR 1984 C+1 A What is the indicated market rent for a 2 bedroom home in Ideal Neighborhood? Step 2 Array data in order (lowest to highest or highest to lowest) 35

36 Practice Problem 2: solution NBHD ADDRESS YR BUILT GRADE COND SQ FT BED RENT Ideal 9518 POLLYANNA DR 1986 C A Ideal 9515 POLLYANNA DR 1985 C+1 A Ideal 9516 OPTIMAL CT 1983 C+1 A Ideal 2211 PRIMROSE RUN 1983 C+1 A Ideal 9424 POLLYANNA DR 1984 C+1 A What is the indicated market rent for a 2 bedroom home in Ideal Neighborhood? Step 3 Find the median rent: $630 for a 2 bedroom home in Ideal Neighborhood 36

37 Samples of uniform rents within one neighborhood: 37

38 3 Bedroom Rentals uniform neighborhood (cont d): C-1, Average Condition, 1,896 square feet Rents for $900/month no utilities Located off main road on quiet secondary street ***(not actual reported rent) 38

39 3 Bedroom Rentals uniform neighborhood (cont d): C-1, Average Condition, 1,703 square feet Rents for $850/month no utilities Located off main road on quiet secondary street ***(not actual reported rent) 39

40 3 Bedroom Rentals uniform neighborhood (cont d): C-1, Average Condition, 1,852 square feet Rents for $875/month no utilities Located off main road on quiet secondary street ***(not actual reported rent) 40

41 Sample Neighborhoods: A. More Diverse Neighborhood Neighborhood A: Address House Type Year Built Grade Condition Sq Feet Bed Ct Vac. Rent More Variety 4311 Sound Dr 11 Older conventional 1 story 1950 D+2 A More Variety 4413 King St 11 Older conventional 1 story 1950 D+2 A More Variety 4415 Sound Dr 11 Older conventional 1 story 1950 D+2 A month 550 $600 More Variety 4417 Jonathon Dr 11 Older conventional 1 story 1952 D+2 F 1, More Variety 4421 Jonathon Dr 11 Older conventional 1 story 1952 D+2 A 1, More Variety 4508 Jones Dr 20 Older conventional 1,1/2 s 1950 D+2 A 1, More Variety 4510 Court Dr 20 Older conventional 1,1/2 s 1950 D A 1, month 595 $598 More Variety 4413 Court Dr 20 Older conventional 1,1/2 s 1950 D F 1, More Variety 4507 Court Dr 20 Older conventional 1,1/2 s 1950 D+2 A month 699 More Variety 1804 S Plymouth Ave 21 Older conv 1,1/2 s/bsmt 1950 D+2 A More Variety 4216 Court Dr 51 Conv 1 1/2 story/bsmt 1960 D A 1, More Variety 4316 NE Michael Dr 51 Conv 1 1/2 story/bsmt 1960 D+2 A 1, month 625 More Variety 4303 NE Michael Dr 51 Conv 1 1/2 story/bsmt 1960 D+2 A More Variety 4300 Court Dr 51 Conv 1 1/2 story/bsmt 1955 D A 1, More Variety 4307 NE Michael Dr 51 Conv 1 1/2 story/bsmt 1960 D+2 A 1, $600 More Variety 4404 NE Michael Dr 51 Conv 1 1/2 story/bsmt 1952 D+2 A 1, month 575 More Variety 4406 NE Michael Dr 51 Conv 1 1/2 story/bsmt 1952 D+2 F 1, month 575 More Variety 4510 Jones Dr 51 Conv 1 1/2 story/bsmt 1960 D+2 A month 635 Median Rent for a 3 bedroom House: $600 41

42 Samples of diverse rents within one neighborhood: 42

43 3 Bedroom Rentals same diverse neighborhood (cont d): C-1, Average Condition, 1,834 square feet Rents for $950/month no utilities Located off main road on quiet secondary street ***(not actual reported rent) 43

44 3 Bedroom Rentals same diverse neighborhood (cont d): D-1, Poor Condition, 760 square feet, built in 1930 Rents for $500/month no utilities Located on major road speed limit of 50 mph ***(not actual reported rent) 44

45 3 Bedroom Rentals same diverse neighborhood (cont d): C-1, Average Condition, 1,512 square feet, built in 1941 Rents for $725/month no utilities Located on a main road, speed limit 45 mph ***(not actual reported rent) 45

46 Rental Sales 46

47 Rental property sales: Sales of rental properties Condition - these properties should be in rentable condition with few alterations in order to be considered for use in a GRM study. Gross Rent what is the actual gross rent, not including expenses, vacancy, etc., that a sold property is renting for? 47

48 Rental property sales: Where to start: Page 2 of the Sales Disclosure, Section F. If a property is NOT checked Yes for #3. Homestead, a flag should go up. This is a possibility. If #8. Is this a res. rental?, Bingo! You have a possible sale. This is a good time to set up an automatic form letter requesting information from the buyer. Is this going to be a rental? What is the condition of the property? Was this property listed on the open market? 48

49 Sales Disclosure Page 2: 49

50 Possible rental sale transactions: Open market, valid real estate transactions Sales after foreclosure in Allen County, these sales are the most common method of acquiring rental properties. The main concern is condition at the time of sale. Auctions Was the auction advertised? How far in advance was the property advertised? What is the condition of the property? 50

51 Possible non-valid purchase methods for GRM purposes: 1. Tax sale this sale price is based upon the taxes due. The taxes due are based upon the assessed value. This is not an acceptable method for establishing value. Investors may also purchase with the intent of receiving interest payments from the current owner. 2. Package sales these are often discounted due to buying in bulk and may not have individual values broken out for each parcel. 3. Sheriff Sales 4. Judgements/Divorce

52 Practice Problem 3: Look at the five sales on Problem 3. After looking at each sale: Is this a possible rental property? Is this a sale that could be considered for a GRM study? Would this sale require further info to determine suitability for a study? 52

53 Problem 3, question 1: Sale 1: 6530 Jimjon Dr - No Sold through Sheriff s sale as a foreclosure Reputable Banks may be the actual mortgage holder Reputable Banks is not likely to actually rent the property not a valid sale for GRM consideration 53

54 Problem 3, question 2: Sale 1: 6530 Jimjon Dr - No Sale 2: 6230 SoSo Dr Possible This property is being reported as a rental with actual rent provided. would require further study to determine if this was sold on the open market, etc. Was this property listed? Was this a trade, discounted sale, or between business associates? 54

55 Problem 3, question 3: Sale 1: 6530 Jimjon Dr - No Sale 2: 6230 SoSo Dr Possible Sale 3: 3520 Elm St No Sold through tax sale Value is based on taxes owed. Purchaser may have been intending this property to be redeemed by former owner. Current condition of the property is unknown. This could have been vacant for 18+ months with issues involving vandalism, maintenance, etc. Intended use is unknown. Not a valid sale for GRM consideration. 55

56 Problem 3, question 4: Sale 1: 6530 Jimjon Dr - No Sale 2: 6230 SoSo Dr Possible Sale 3: 3520 Elm St No Sale 4: 6530 Main St Possible Auction sale would want more information regarding the advertising of the auction, etc. What is the future intended use? What is the current condition of the property? 56

57 Problem 3, question 5: Sale 1: 6530 Jimjon Dr - No Sale 2: 6230 SoSo Dr Possible Sale 3: 3520 Elm St No Sale 4: 6530 Main St Possible Sale 5: 5340 Ideal Ln Possible Property was listed on the open market with listing information available. No homestead was filed with the Auditor s office. Would require further verification for intended use and rent. 57

58 Actual Gross Rent Multipliers 58

59 You ve stratified, you have sales, you have rents.now you can create GRM s 1. This is the time to array your sales and rents Excel usually works best, due to the ability to sort and use formulas. 2. Create a column for the GRM for each sale Sale / Rent = Gross Rent Multiplier 3. Sort and arrange according to the criteria which is most appropriate. This could be location, size, condition, etc., and is dependent on the factors which affect your county. 4. Once you have stratified and separated according to your specific needs, you will then be able to find the median GRM for each breakdown. 59

60 GRM s 3Br 1story Single Family Bedrooms Rpt Sale Valid Invalid Act. Class Address Rent GRM Sale Date Price Sale Reason Building Style GRM 510 Sale # /16/ ,000 Valid Rental 11 Older conventional 1 story Sale # /13/ ,700 Valid Rental 11 Older conventional 1 story Sale # /7/ ,000 Valid Rental 11 Older conventional 1 story Sale # /15/ ,857 Valid Rental 11 Older conventional 1 story Sale # /18/ ,000 Valid Rental 11 Older conventional 1 story Sale # /2/ ,000 Valid Rental 11 Older conventional 1 story Sale # /12/ ,000 Valid Rental 11 Older conventional 1 story Sale # /17/ ,000 Valid Rental 11 Older conventional 1 story Sale # /3/ ,000 Valid Rental 11 Older conventional 1 story Sale # /6/ ,500 Valid Rental 11 Older conventional 1 story Median GRM

61 Common Myths & Misconceptions about GRM s: There is a state-wide or county-wide GRM. This is absolutely untrue. Factors that can affect GRM s include: Property type: single family, duplex, triplex, multi. Location: is the property on a busy street, near a school, in a predominant foreclosure area, high-crime, etc. Property characteristics: do 2-story homes sell for a higher value but rent the same as a single story? Does a tri-level sell and rent the same as the neighboring ranch? 61

62 Allen County GRM map 62

63 Common Myths & Misconceptions about GRM s (cont d): Sales should be grouped by the actual GRM s derived from sale/rent. No, the sales and resulting GRM s should be grouped according to the characteristics you ve deemed important. This could be by neighborhood, location, house style, size, etc. These GRM arrays will have outliers, etc. This is normal! 63

64 Applying Market Rents & GRM s for mass appraisal 64

65 Applying the Income Models Once you ve created GRM s for specific groups, you will be able to: Apply these to all known rental properties within those specific groups Test with ratio studies Compare cost versus income and choose the most appropriate Establish the values for the upcoming year Wait for appeals! 65

66 Applying Market Rent & GRM: Parcel Number Nbhd Class Address Bedrooms Est Rent GRM Income AV Building Style Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Property # , Older conventional 1 story Est Rent * GRM = Income AV 66

67 The Oh, crud, not an appeal! of the assessment process or, conversely, the stage at which taxpayers have the opportunity to review our work! 67

68 In defense of the appeal process: 1. This is not personal! Never take a taxpayer s questioning of value as an insult, no matter how frustrating some can seem to be. To many taxpayers, we are simply the tax people who are only interested in acquiring as much of their income as possible. 2. This is mass appraisal by definition, 49.9% of all parcels will be over-assessed and 49.9% will be underassessed. It s rare for the under-assessed to file appeals. 68

69 In defense of the appeal process (cont d): 3. There may be an error. The property may have incorrect characteristics, the location may not have been adequately accounted for, the closest sales may be lower for a variety of reasons, etc. 4. Most taxpayers are willing to cooperate, especially if they see that we are willing to concede that there may be a legitimate issue with the value and are interested in doing the necessary research to determine what the value should be for an individual property. 69

70 In defense of the appeal process (cont d): 5. Tracking appeals gives us the opportunity to discover where issues, not immediately visible, may be. High-crime areas perhaps require a lower GRM then expected Traffic the higher the traffic, the the rent. This would depend on the location, amenities, etc., as to whether the rent would be lower or higher. Predominant foreclosure or tax sale areas Neighborhoods with investors planning to sell within 5-10 years could result in higher GRM s... 70

71 Defending appeals Is this property currently assessed as a rental? In Allen County, approximately 20+% appeals are filed on properties that have not been assessed as rental properties. Year in process Total appeals filed Appeals - not previously priced as rentals % % % % Appeals Withdrawn % % % % Appeals determined by PTABOA % % % % 71

72 Defending appeals (cont d)- Cost Approach Is the condition of the property correct? Properties purchased from tax and sheriff sales have a high likelihood of being vacant and unoccupied for long periods. Events may have occurred that are not reflected in the assessed value. Exterior of property purchased 10/21/15 72

73 Defending appeals (cont d)- Cost Approach Interior of the previous property purchased 10/21/15: 73

74 Defending appeals (cont.)- Cost Approach Is the grade, condition, and structural information correct? Living space should be att. Gar. 74

75 Defending appeals (cont.) Inc Approach Is the Income Model correct? Back to the importance of data entry! Check neighborhood rents and sales Check the GRM does it appear to be appropriate? Most problematic neighborhoods High-end rentals in areas with low rental counts Low-end rentals in neighborhoods heavy in tax sales and foreclosures Rural Rentals Has up-to-date income information been provided by the taxpayer? 75

76 Defending appeals (cont.) Sales Approach Ideal world Valid rental sales of similar properties will be available within the same neighborhood. 76

77 Defending appeals (cont.) Sales Approach Real world sales of verified rental properties within the same location are not available Now what? How are properties being sold in that neighborhood? Are there properties being sold out of foreclosure? Are there auctions? What about adjacent neighborhoods? 77

78 Conclusion: The most important factor in creating income models is data. It s necessary to focus on outreach, research, and accurate data entry. Use all of the tools available, whether it s Excel, Access, CAMA systems, etc. When having issues, reach out to other counties. Networking is an advantage! Keep all lines of communication open: with coworkers, investors, PTABOA boards, etc. Be willing to try new ideas, whether it s mailings, open houses, or internet page improvements. 78

79 Laura Boltz Allen County Market Data Specialist, Level III Certified Assessor-Appraiser 1 E Main St, Ste 415 Fort Wayne IN laura.boltz@co.allen.in.us (260)