There are no income and homestead value limits for categories 4V, 4S, 5, and 7. The. The homestead can't exceed one acre in a city or 160 acres in a rural area.The exemption is available to homeowners who meet specific eligibility requirements, such as age, disability status, or income level. The Nebraska Homestead Exemption program is a property tax relief program for qualified individuals who own a home in Nebraska. If you have not yet filed your 2024 Nebraska Homestead Exemption Application, you may still be eligible to apply for a property tax exemption. Persons with disabilities: Qualifying disabled homeowners can reduce property taxes on a legal residence.