A homestead exemption reduces the amount of property taxes homeowners owe on their legal residence. So, a homestead exemption is a legal provision designed to protect the value in a principal dwelling place.To qualify for Homestead Exemption (F. 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. Here are some of the important tax exemptions you should know about if you own a home in Nassau County. 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 exemption removes part of your home's value solely from taxation (so they lower your taxes).