The Homestead Exemption reduces the taxable portion of your property assessment if you own your primary residence in Philadelphia. How to apply for the Homestead Exemption to reduce your Real Estate Tax bill if you own your home in Philadelphia.A homestead exemption is a legal provision that shields a home from some creditors following the death of a homeowner's spouse or the declaration of bankruptcy. Homestead Tax Exemption Example. Let's say a surviving spouse chooses to use the homestead exemption for the current tax year. This Video Shows you How to Complete an Application for Homestead Exemption. The homestead can't exceed one acre in a city or 160 acres in a rural area. The state publishes Common Level Ratios (CLR) that represent the ratio of assessed values in a county to market value. Most states' homestead exemption laws apply strictly to the homeowner's primary residence. Some states allow exemptions for secondary homes.

Florida Homestead Exemption Example In Philadelphia

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