You can get information about your property tax benefits, including: Application status, Current benefit amounts, Proposed benefit for the upcoming tax year. The Homestead Exemption law under § 5206 in New York State protects a debtor's primary residence from becoming collateral against monetary judgments.AV-10 Application is for property classified and excluded from the tax base under North Carolina General Statute. Exemption applications must be filed with your local assessor's office. See our Municipal Profiles for your local assessor's mailing address. This can provide asset protection from creditors for at least some of house's value. This local option prevents any large shift of the property tax burden to the residential class of property owners after a revaluation. Find out how much you'll pay in New York state income taxes given your annual income. Customize using your filing status, deductions, exemptions and more. Homestead exemptions can protect a home up to a certain value of the homeowner's equity in it.