Two forms of identification or proof of address. The Homestead Exemption reduces the taxable portion of your property assessment if you own your primary residence in Philadelphia.This Video Shows you How to Complete an Application for Homestead Exemption. Certain exemptions may also require Form 50-114-A. The exemptions apply only to property that you own and occupy as your principal place of residence. The Homestead Exemption helps Philadelphia homeowners lower their Real Estate Tax. Find out how to apply, and more. Edit, sign, and share homestead exemption online. No need to install software, just go to DocHub, and sign up instantly and for free. The Taxpayer Relief Act provides for property tax reduction allocations to be distributed to school districts through a "homestead or farmstead exclusion."