A homestead exemption removes part of the value from the assessed value of your property and lowers your property taxes. Pay property taxes on time.Property Tax Statements are mailed out in October, and are due upon receipt. The exemptions apply only to property that you own and occupy as your principal place of residence. See filing deadline info on page 2. I'm going to show you how to file your homestead exemption in Colin County Texas. The typical deadline for filing a Collin County homestead exemption application is between January 1 and April 30. GENERAL INFORMATION: Property owners applying for a residence homestead exemption file this form and supporting documentation with the appraisal district in. Bought a primary residence within the past year in Texas? It's time to file for your Texas Homestead Exemption.