A homestead exemption is a legal provision that helps to reduce the amount of property taxes on owner-occupied homes. The home must be your primary residence.If you own and live in a house in Fulton County, you may qualify for homestead exemption. A homestead exemption reduces the amount of property taxes homeowners owe on their legal residence. Fulton County homeowners have until April 1 to apply for a homestead exemption and receive a discount on their city, county and school property taxes. This exemption reduces your property taxes for your primary residence. (Applied for through Fulton County). NEW in 2019: Senior Homestead Exemption. A homestead exemption is a reduction in homeowners' property taxes. To qualify, the homeowner must apply for this exemption on or before April 1st.