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 longtime owner-occupants of homesteads having an assessed value of not more than $200,000 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 notify each owner of property that qualifies for a deduction under a program and provide the owner with an application for the deduction. Requires an owner of property that qualifies for a deduction to apply to the county auditor to receive the deduction. Provides a penalty for wrongly receiving the deduction that is the same as the penalty for wrongly receiving the homestead standard deduction.