A homestead exemption removes part of the value from the assessed value of your property and lowers your property taxes. Before applying, you must have an updated.Texas Driver's license or Texas ID to match the situs (property address). By signing this application, you state that the facts in this application are true and correct, that you do not claim a residence homestead exemption on another. The Texas Property Code allows homeowners to designate their homesteads to protect them from a forced sale to satisfy creditors.