2. What are some exemptions? To apply for any of the homestead exemptions listed above, please complete and submit the Residence.Homestead Exemption form 50-114. Homestead exemptions can help lower the property taxes on your home. Here, learn how to claim a homestead exemption. A homestead exemption allows homeowners who live in their home to reduce its taxable value, with some exemptions available only to seniors or disabled people. This video covers how to fill out Texas Residential Homestead Exemption with a focus on Bexar County.