The application filing period is from January 1st through December 31st. The homestead exemp- tion provides a reduction in property taxes to qualified senior or disabled citizens, or a surviving spouse, on the dwelling that is that.What is the Homestead Exemption? The senior homestead exemption is a credit on property taxes available to those 65 and older that live in their homes and qualify. You may qualify for reduced water and sewer rates under the Homestead Exemption if you are at least 65 years of age or totally disabled, live in the home, If so, you may be eligible to receive the homestead exemption to reduce your property taxes. Determine property taxes. She's been able to keep up with her tax bills so far. 2. What kind of property tax savings will I receive? Good to know: You may be entitled to a Homestead Exemption on your property tax burden.