Both owners must sign the application form and, if both owners otherwise qualify, the homestead exemption will be granted for the entire home. Step 1: Owner's Name and Address.Enter the following information: •Name of the owner completing this application. No information is available for this page. Don't have to wait till Jan 1st of next year. In section 2 of Form 50-114, fill up your and your partner's info and ownership percentages. Bought a primary residence within the past year in Texas? It's time to file for your Texas Homestead Exemption. The application may be available online or in person. What is the homestead tax option?