A homestead exemption reduces the amount of property taxes homeowners owe on their legal residence. If you own and live in a house in Fulton County, you may qualify for homestead exemption.The purpose of this guide is to help Fulton County residents learn. It's basically an exemption that the state and the county gives you that reduces your property tax liability. To be eligible for Homestead Exemption, applicant must: Own and reside in the property as your primary residence prior to January 1 of the tax year.