The exemption is not granted automatically. Homestead exemption may be filed from January 1 to April 1.Qualified homeowners are allowed an exemption from certain ad valorem taxes based on the assessed value of their home. 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 a citizen qualifies for homestead exemption, the State of Mississippi exempts part or all of their ad valorem tax bill on qualifying property. Both Fulton and Itawamba County can allow up to 10 years tax exemptions for industry's land, buildings and equipment. School tax is not exempted. This year the deadline to file falls on March 31 at 5 p. Fulton County homeowners can qualify for a variety of homestead exemptions offered through the Fulton County Tax Assessors office.