Nebraska Homestead Exemption. Nebraska Homestead Exemption Application, Form 458.Homestead exemption applications must be filed annually between February 2 and June 30. Application forms are typically available beginning February 2. This can provide asset protection from creditors for at least some of house's value. How to Apply for Homestead Exemptions Homestead applications must be filed with the county assessor after February 1, and on or before June 30 of each year. The homestead can't exceed one acre in a city or 160 acres in a rural area. President Abraham Lincoln signed the Homestead Act on May 20, 1862. Cook County has identified the real and potential effects of homestead exemptions as an issue in the administration of its property tax system. To apply for the Nebraska homestead exemption, the applicant needs to fill out and submit Form 458.