The paper is concerned with locally stabilized space-time IgA approximations to initial boundary value problems of the parabolic type. Originally, similar schemes (but weighted with a global mesh parameter) were presented and studied by U. Langer, M. Neumüller, and S. Moore (2016). The current work devises a localised version of this scheme. The localization of the stabilizations enables local mesh refinement that is one of the main ingredients of adaptive algorithms. We establish coercivity, boundedness, and consistency of the corresponding bilinear form. Using these fundamental properties together with the corresponding approximation error estimates for B-splines, we show that the space-time IgA solutions generated by the new scheme satisfy asymptotically optimal a priori discretization error estimates. The adaptive mesh refinement algorithm proposed in the paper is based on a posteriori error estimates of the functional type that has been rigorously studied in earlier works by S. Repin (2002) and U. Langer, S. Matculevich, and S. Repin (2017). Numerical results presented in the paper confirm the improved convergence of global approximation errors. Moreover, these results also confirm local efficiency of the error indicators produced by the error majorants.Keywords. parabolic initial-boundary value problems, locally stabilized space-time isogeometric analysis, a priori and a posteriori estimates of approximation errors.