The Eligible Funds Exemption is for veterans who bought homes using "eligible funds," including pensions, bonuses, insurance, and mustering out pay. The Veterans Exemption helps veterans and their family members reduce their property taxes.To be eligible, the property must be your primary residence. Eligible Veterans must submit the initial exemption application form to the assessor. There is a deadline for filing. The Homestead Application is a one-time application and remains on the property until sold. Learn more about exemptions and deferrals for senior citizens, persons with disabilities, and disabled veterans. Find out how to qualify and apply. Principal Purpose: This application form is the primary source of information to determine eligibility for the Real. You still might qualify under the disability qualification with the Proof of.