Application must be filed with the Property Appraiser's Office annually on or before March 1st of each year. The Homestead Exemption reduces the taxable portion of your property assessment if you own your primary residence in Philadelphia.HOMESTEAD EXEMPTION: Click here to file for Homestead Exemption online Note: requires Internet Explorer 5.0 or newer. Contact your local property appraiser if you have questions about your exemption. File the signed application for exemption with the county property appraiser. F. Owner must submit proof of financial capability. G. The application package must be complete. The filing deadline is March 1, of tax year. Portability gives a property owner the ability to move from one homestead to another homestead and not be taxed out of that homestead. The Taxpayer Relief Act provides for property tax reduction allocations to be distributed to school districts through a "homestead or farmstead exclusion."