Homestead Exemption is one way to reduce the amount of property tax you pay on your residential property. A homestead exemption reduces the amount of property taxes homeowners owe on their legal residence.To qualify, you must live in the home as your primary residence. You can find an Application for Homestead Exemption on the Department of Revenue website. Check with your county for local exemption and deferral applications. The proposed amendment authorized the state legislature to implement a statewide local-option homestead exemption from ad valorem taxes. Application for Property Tax Exemption. To establish eligibility for property tax exemption, the claimant must sign and file an affidavit with the County. It is a complete listing of property owners, their street addresses, legal addresses, property locations, exemptions, assessments and taxes due. Federal bankruptcy law sets a schedule of property that is exempt from bankruptcy.
