Homeowners' Exemption. There are two types of homesteads, automatic and declared.What is an automatic homestead? The following is provided as a resource to list types of property tax exemptions and general qualifying factors of each exemption. What are the types of Homestead Exemptions? There are two types of Homestead Exemptions. A Declaration of Homestead, when not properly prepared, may be invalid. We recommend that you seek legal advice before considering the recording. The homestead exemption protects this equity against creditors. What is a judgment lien?