The Constitution of Georgia allows counties to enact local homestead exemptions. A homestead exemption reduces the amount of property taxes homeowners owe on their legal residence.If you own and live in a house in Fulton County, you may qualify for homestead exemption. The purpose of this guide is to help Fulton County residents learn. Homestead exemption cannot be claimed on rental property. State law provides for only one homestead exemption per immediate family group (husband and wife). Regular Homestead Exemption. If you received a homestead exemption and are still living in the same residence, you are not required to reapply each year. This can provide asset protection from creditors for at least some of house's value. A prior year utility bill or Fulton County Voter's Registration Card.