Address on the driver's license or identification card MUST be the same as the address on which you are filing an Application for Residence Homestead Exemption. General Residence Homestead Exemption: A copy of the completed application Form 50-114, A clear copy of your current Drivers License or Texas ID card.Another law was enacted that may require homeowners to renew their application for their homestead exemptions every five years. Today's video is going to be about how to file your homestead exemption. Calculate how much you'll pay in property taxes on your home, given your location and assessed home value. Compare your rate to the Texas and U.S. average.