Complete the Homestead Declaration form. The form must be printed legibly in black ink.Learn everything you need to know about homestead tax exemption regulations and updates, and how they might affect your tax bill in 2024. Nevada Homestead Law: What's Protected? This can provide asset protection from creditors for at least some of house's value. Maximize property tax benefits tailored to your location. A homestead exemption basically protects you from creditors as far as protects your equity in the house. If alodial title has been established, the exemption extends to all equity in the land, dwelling and appurtenances. This Video Shows you How to Complete an Application for Homestead Exemption. You must live in the home to qualify for the tax break.