$3,000 is deducted from the assessed value of the property. Property owners must maintain a balance of $3,000 or more at all times on their recorded mortgage or line of credit (if you principle loan is paid in full) to be eligible to receive the benefit of this deduction.
When you file, you will need your closing packet or copy of your recorded mortgage. Anyone who has refinanced or made a deed change since the last filing must refile for the deduction. You should file this form when you purchase a home and have a mortgage with a balance of $3,000 or more; you refinanced your loan; or you change your deed or change the ownership name reflected on the title.
You can file your deduction application in person or by mail. If you have any questions about how to fill out the application form, we strongly recommend that you file in person at the Auditor's office. Staff will be able to answer questions you may have to assure that the form is completed correctly.
You can file the application in person or by mail at: Porter County Auditor, 155 Indiana Ave., Suite 204, Valparaiso IN 46383.