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. Residence Homestead Exemption Application (includes Age 65 or Older, Age 55 or Older Surviving Spouse, and Disabled Person Exemption).To qualify for the Illinois homestead exemption, you must live in the state for at least 730 days. GENERAL INFORMATION: Property owners applying for a residence homestead exemption file this form and supporting documentation with the appraisal district in. I'm going to show you how to file your homestead exemption in Dallas County Texas. Summary. In April 2023, Cook County prioritized three research questions regarding Illinois' homestead exemptions for further study. You may file for a homestead exemption up to one year after the delinquency date – usually Feb. 1. Some lenders, such as Homestead Financial Mortgage, may require you to fill out form PTAX342 before closing. Yes, you can, but when choosing your lender, do not assume this will automatically be done. If you qualify for an exemption, it allows you to lower your EAV.