A homestead exemption removes part of the value from the assessed value of your property and lowers your property taxes. In this comprehensive guide, I delve into the essentials of the Texas Homestead Exemption.Collin County property owners can download homestead exemption applications and other related forms from the Collin CAD website. GENERAL INFORMATION: Property owners applying for a residence homestead exemption file this form and supporting documentation with the appraisal district in. To qualify, you must own and reside in your home on January 1 of the year application is made and cannot claim a homestead exemption on any other property. Filing a homestead exemption is free and simple for anyone to complete themself. Pay property taxes on time. Property Tax Statements are mailed out in October, and are due upon receipt. Discover how to lower your property taxes in Texas with this guide to homestead exemptions. For example, here is the Collin County CAD webpage that allows you to enter your home address to see your applicable taxing entities.