An owner of property as defined in Indiana Code, 6-1.1—12-1-1 becomes eligible for the deduction provided by this chapter upon approval of their application by the Bartholomew County assessor's office and is also otherwise subject to the limitations provided by Indiana Code, 6-1.1—12.1-2, 6-1.1—12.1-3, 6-1.1—12.1-4, 6-1.1—12.1-4.5, 6-1.1—12.1-5, 6-1.1—12.1-5.5 and 6-1.1—12.1-6. (Prior code § 32-6)