You can get information about your property tax benefits, including: Application status, Current benefit amounts, Proposed benefit for the upcoming tax year. Do not file any exemption applications with the NYS Department of Taxation and Finance or with the Office of Real Property Tax Services.How to apply for the Homestead Exemption to reduce your Real Estate Tax bill if you own your home in Philadelphia. 1 For estate planning purposes, I placed the title to my property in a trust. Can I still receive the homestead exemption? If you own your primary residence, you are eligible for the Homestead Exemption on your Real Estate Tax. New York City and New York State offer homeowners property tax relief in the form of exemptions, abatements, and credits. So, a homestead exemption is a legal provision designed to protect the value in a principal dwelling place. Act 1 of 2006 (formerly Act 72) is the Homeowner Tax Relief Act.