A homestead exemption removes part of the value from the assessed value of your property and lowers your property taxes. The exemptions apply only to property that you own and occupy as your principal place of residence.See filing deadline info on page 2. The program must require the chief appraiser to review each residence homestead exemption at least once every five tax years. Eldorado Pkwy, McKinney, TX 75069. There is no fee to file the homestead exemption form. Proof of ownership of your property in the form of a copy of a tax bill or your deed. The most common is the homestead exemption, which is available to homeowners in their primary residence. Darrell Self is your Collin County Texas real estate expert. If you are looking to buy, sell, rent a home in Plano Texas, Frisco Texas.