This local option prevents any large shift of the property tax burden to the residential class of property owners after a revaluation. General Residence Homestead Exemptions: You may only apply for residence homestead exemptions on one property in a tax year.You can get information about your property tax benefits, including: Application status, Current benefit amounts, Proposed benefit for the upcoming tax year. Amending a Property Tax Credit Claim. The Taxpayer Relief Act provides for property tax reduction allocations to be distributed to school districts through a "homestead or farmstead exclusion."