The Homestead Exemption reduces the taxable portion of your property assessment if you own your primary residence in Philadelphia. The March 1 application deadline for property tax relief is set in the Homeowner Tax Relief Act (Section 341 of Act 72 of 2004).The stateset deadline to apply is Thursday. Application deadline is October 15th each year. The requirements for this program are simple. As stated on the application, "A person must simply own the property and live in it as their primary residence. The deadline to apply is this Thursday, December 1. The Homestead Exemption reduces the taxable portion of your property's assessed value. DEADLINE: The final deadline to apply for the Homestead Exemption is December 1 of each year. The deadline for applying for and receiving a "Homestead Exemption" on your real estate taxes is Friday, December 1st.