The exemption is not granted automatically. To apply for Homestead Exemption for the first time, you need to come to the Tax Assessor's Office located at 365 Losher Street, Suite 100, Hernando, MS 38632.If a citizen qualifies for homestead exemption, the State of Mississippi exempts part or all of their ad valorem tax bill on qualifying property. This can provide asset protection from creditors for at least some of house's value. The Homestead Exemption Office accepts applications for the various residential exemption applications and agricultural land use applications. A homestead exemption can block the forced sale of a primary residence and provide tax relief for surviving spouses. Homeowners may also be eligible for the Mississippi homestead exemption. To apply for Homestead Exemption for the first time, you need to come to the Tax Assessor's. Office (201 S. Ward Street, Senatobia, MS.