Application for School Tax Relief (STAR) Exemption. How does the homestead tax option work?You can get information about your property tax benefits, including: Application status, Current benefit amounts, Proposed benefit for the upcoming tax year. The exemption is available for your primary residence and up to one acre of land. This can provide asset protection from creditors for at least some of house's value. Homestead Exemption Laws Change. Learn more property tax relief available for flood and storm-damaged property. Find out how the program works and how to qualify and apply. 2020 is the assessment year and 2021 is the tax year. An applicant must meet all qualifications in the assessment year to receive property tax relief in the tax.