The Homestead Exemption reduces the taxable portion of your property assessment if you own your primary residence in Philadelphia. To apply for homestead exemption, you must bring the required documents (listed above) to our office and apply in person.Question 5: If your mailing address differs from the address of the property for which you are seeking a Homestead Exemption, fill in your mailing address. The tool is also great in the event that you lose your mailed bill. Philadelphia Property Tax Exemptions. Located north of Philadelphia, Montgomery County has property tax rates near the state average, but much higher than those in the City of Brotherly Love. Please fill out this field. You may just get a credit: Often these tax exemptions come in the form of a credit on property tax bills. Compare your property tax rate against rates in the top 50 metros.