The Homestead Exemption reduces the taxable portion of your property assessment if you own your primary residence in Philadelphia. Two forms of identification or proof of address.Applicants must also list the name of the county and the property address for any residential property that they currently own. The mission of the Department of Community and Economic Development (DCED) is to foster opportunities for businesses to grow and for communities to succeed. Homeowners should contact their county assessment office (position 48) for a copy of their county's homestead and farmstead application form. After you have created your online account and gathered the required documents necessary to qualify for the exemption that you are applying for. The residential homestead exemption application is located on our website tad. Org under forms then homestead exemption. 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. On any increases in their property tax bills to tenants in the form of higher rents.