Basically, it's your home that you physically occupy as a principal residence. A vacation or weekend home will not qualify.Exemption applications must be filed with your local assessor's office. See our Municipal Profiles for your local assessor's mailing address. You can get information about your property tax benefits, including: Application status, Current benefit amounts, Proposed benefit for the upcoming tax year. This exemption can be applied to all residential property up to five dwelling units of which at least one is owner occupied. Homestead exemption protect property assets from probate. Properties recognized under laws of homestead are off-limits to creditors seeking attachment. In bankruptcy, a homestead exemption protects equity in your home. Here, you'll find specific information about the homestead exemption in New York.