Property tax relief.

Permits counties, cities, and towns (including Marion County) to establish a neighborhood enhancement property tax relief program (program) to provide an assessed value deduction for long time owner-occupants of homesteads having an assessed value of less than $150,000 in certain designated areas. Authorizes the redevelopment commission (or the metropolitan development commission in the case of Marion County) to identify the areas for purposes of the program based on specified conditions. Requires the county auditor to make the deduction for the qualifying property under the program without the need for the owner to apply for the deduction. Provides a process by which an owner may opt out of the program, in which case the deduction would not apply. Provides a penalty for wrongly receiving the deduction that is the same as the penalty for wrongly receiving the homestead standard deduction.