The applicant and the applicant's spouse must be residents of Mississippi to be eligible for homestead exemption benefits. To apply for Homestead Exemption for the first time, you need to come to the Tax Assessor's Office located at 365 Losher Street, Suite 100, Hernando, MS 38632.A detailed list of information is required to file the initial application. To qualify for a homestead exemption the residence must be owner occupied. Must I Apply For Homestead Exemption Every Year? It is not necessary to apply each year as long as there are no changes in the legal status of your home.