If you are buying property on a recorded mortgage or a recorded contract, and you are a resident of the State of Indiana, you could qualify for a mortgage deduction (IC 6-1.1-12.1). The value of the deduction may not exceed the amount of the indebtedness.
The deduction is either one half of your assessed valuation or $3,000, whichever is less. A person owning more than one property may not receive mortgage deductions totaling more than $3,000.
If you refinance, you will need to reapply for this deduction.
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