You must have lived at your homestead for at least six (6) months. • You must have been a resident of.No. It is available only to qualifying cities, towns, villages, counties, and school districts. Additional exemptions are available for veterans. Determine your home's current market value. The homestead exemption can decrease the taxable value of your home, so you'll pay fewer property taxes. All new applicants must file between July 1 and December 1 of each year. Those eligible for homestead exemption only need to apply once. It can also protect your home from bankruptcy or provide a surviving spouse with ongoing property tax relief. You must have lived at your homestead for at least 6 months and must have been a resident of West Virginia for the 2 years prior to your application.