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. To be eligible for Homestead Exemption, applicant must: Own and reside in the property as your primary residence prior to January 1 of the tax year. Homestead Exemptions Basics. As a Cobb County resident, homestead exemptions are a great way to reduce the amount of property taxes you pay for your home. To receive the benefit of the homestead exemption, the taxpayer must file an initial application. You must own the land and permanently reside on the property to apply for homestead.