A property tax exemption is like a discount applied to your EAV. If you qualify for an exemption, it allows you to lower your EAV.In the event of a sale of homestead property, the homestead exemption shall remain in effect for the remainder of the assessment year of the sale. 2. What are some exemptions? A homestead exemption can legally shield you from losing your primary residence to creditors if your spouse dies or you need to declare bankruptcy. Disabled veterans may have some or all of their property taxes covered. This is called a Standard Homestead Exemption for Veterans with Disabilities (SHEVD). Loan Assistance Tool. Like the homestead exemption, only school districts are required to offer this exemption. Appraises property for ad valorem taxation of these taxing authorities.