To claim the exemption, the homeowner must make a one-time filing with the county assessor where the property is located. Most homeowners are eligible for this exemption if they own and occupy their property as their principal place of residence.Link to obtain further information about the various exemptions that are offered, the documents and filing process required for each exemption to be claimed. If you qualify all you have to do is file an application with your local county office. The BOR accepts exemption applications for approximately 30 days, four times each year. I'm going to show you how to apply for the homeowner exemption online with the cook county assessor's office. Homestead protection laws exist to protect your home against most creditors, up to the value of homestead exemption. Because of this, your property tax bill would be lower. Property taxes are one of the oldest forms of taxation. To apply or for homestead classification fill out and return to the Assessor's Office a homestead application.