Learn How to Preserve Texas Homestead Tax Benefits By Drafting a Qualifying Trust. A Texas property transferred into a Trust can still qualify for the homestead exemption.However, the property must be placed into a qualifying Trust. To apply for any of the homestead exemptions listed above, please complete and submit the Residence. Homestead Exemption form 50-114. Bought a primary residence within the past year in Texas? It's time to file for your Texas Homestead Exemption. Property transferred to a valid living trust can continue to qualify for Texas homestead exemption, as long as certain requirements are satisfied. You may file for any homestead exemption up to one year after the delinquency date. The delinquency date is normally February 1st.