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. Homestead exemptions can help lower the property taxes on your home.Here, learn how to claim a homestead exemption. Do all homes qualify for a homestead exemption? No, only a homeowner's principal residence qualifies. Visit your local Central Appraisal District (CAD) website. GENERAL INFORMATION: Property owners applying for a residence homestead exemption file this form and supporting documentation with the appraisal district in. The residence homestead exemption can help lower your Texas property taxes. Get answers to frequently asked questions about this exemption. Texas has several exemptions from local property tax for which taxpayers may be eligible including homestead exemption.