To qualify for Homestead Exemption (F. In addition to the income requirements, several other conditions must be met.Homestead exemption is only meant to protect one property at a time and it needs to be the homeowners primary property, even if you own others. To qualify, you must own and occupy the home as permanent residence on January 1st of the year in which you want to claim the exemption. Notice of Proposed Property Taxes have been mailed out. It is truly unfortunate that you let the homestead on this property expire multiple times in the recent past. Determine your home's current market value. Open rural homestead land split exemption.