$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 your principle loan is paid in full) to be eligible to receive the benefit of this deduction.
Filing for the Deduction
When you file, you will need your closing packet or a copy of your recorded mortgage. Anyone who has refinanced or made a deed change since the last filing must refile for the deduction. When submitting forms via mail, please include your closing date and daytime phone number.
File this form when:
You purchase a home and you have a Mortgage with a balance of $3000+
You refinanced your loan
You change your deed or change the ownership name reflected on title