Homestead Exemption is one way to reduce the amount of property tax you pay on your residential property. A homestead exemption reduces the amount of property taxes homeowners owe on their legal residence.In order to file for homestead exemption, the homeowner must be the owner of record and occupy the property as the principal residence. 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. A homeowner can file an application for homestead exemption for their home and land any time during the calendar year. GENERAL INFORMATION: Property owners applying for a residence homestead exemption file this form and supporting documentation with the appraisal district in. It is a complete listing of property owners, their street addresses, legal addresses, property locations, exemptions, assessments and taxes due. A real property mobile home is taxed with the land and may qualify for a homestead exemption. Forsyth County Home Exemptions. Securing your today and tomorrow.