Exemption applications must be filed with your local assessor's office. See our Municipal Profiles for your local assessor's mailing address.It is a local option to establish two separate property tax rates: a lower tax rate for residential property owners. A property tax exemption is like a discount applied to your EAV. If you qualify for an exemption, it allows you to lower your EAV. The General Homestead Exemption is granted automatically in most cases. The General Homestead Exemption is granted automatically in most cases. The applicant must have owned and occupied the property as of January 1 and must have been 65 years of age or older during the tax year in question. Applications can be filled out at the Assessor's office or the County. Proof of age and ownership is required with the application.