IN SB0223

Expands the mortgage deduction eligibility to include home equity lines of credit that are recorded with the county recorder's office, allowing property owners to deduct these amounts from assessed property value

Requires that mortgages, contracts, or home equity lines of credit must be recorded with the county recorder's office to qualify for the property tax deduction under IC 6-1.1-12-1

Maintains the existing deduction limit as the lesser of: the mortgage/contract balance (now including home equity lines of credit), one-half of assessed value, or $3,000

Mandates the Department of Local Government Finance to include statements on deduction forms explaining that only recorded indebtedness qualifies and specifying perjury penalties

Requires county auditors to display a public notice explaining the recorded indebtedness requirement and that deduction applications must be signed under penalties of perjury