To claim the exemption, the homeowner must make a one-time filing with the county assessor where the property is located. Complete a homestead declaration form.Complete form BOE-266, Claim for Homeowners'. Property Tax Exemption. A homestead exemption is automatically in place with the purchase of a new home. Simply put, a homestead exemption protects your residence's equity from creditors. The new law, AB1885, proposed that there would be an increase in the homestead exemption. To qualify for the total homestead exemption, you must have owned a home in California for at least 1215 before filing for bankruptcy. PO Box 17790, Los Angeles, CA 90017-0790. Buy a declared homestead form from an office-supply store, or download a form from the Registrar-Recorder's website.