Homestead Exemption is one way to reduce the amount of property tax you pay on your residential property. A homestead exemption can give you tax breaks on what you pay in property taxes.HOMESTEAD EXEMPTIONSSeveral types of homestead exemptions have been enacted to reduce the burden of ad valorem taxation for Georgia homeowners. HOMESTEAD EXEMPTION FILING DATES ARE JANUARY 1st THROUGH April 1st. Effective June 1, 2005 homestead exemptions may be filed for any time during the year. Calculate how much you'll pay in property taxes on your home, given your location and assessed home value.