Overview of the Homestead Act. Nebraska Homestead Exemption.Nebraska Homestead Exemption Application, Form 458. The homestead can't exceed one acre in a city or 160 acres in a rural area. Additional exemptions are available for veterans. President Abraham Lincoln signed the Homestead Act on May 20, 1862. The Nebraska Homestead Exemption program is a property tax relief program that reduces all or a portion of taxes for homeowners in Nebraska who occupy a home. How to Apply for Homestead Exemptions Homestead applications must be filed with the county assessor after February 1, and on or before June 30 of each year. Application Submission. To apply for the Nebraska homestead exemption, the applicant needs to fill out and submit Form 458.
