The Homestead Exemption reduces the taxable portion of your property assessment if you own your primary residence in Philadelphia. Permanent Florida residency required on January 1.Edit, sign, and share homestead exemption online. No need to install software, just go to DocHub, and sign up instantly and for free. The mission of the Department of Community and Economic Development (DCED) is to foster opportunities for businesses to grow and for communities to succeed. The final deadline to apply for the Homestead Exemption is December 1 of each year. Do Homestead Exemptions Only Apply to a Primary Residence? Homeowners typically need to apply for the exemption with their local government office. Go to the link below, under the property tab click search for a property. 29 ballot question that would double the homestead exemption and place a 10 percent assessment cap on all properties.