To claim the exemption, the homeowner must make a one-time filing with the county assessor where the property is located. Download PDF BOE-266 REV.You must be the property owner, co-owner, or a purchaser named in a contract of sale. To qualify for the homeowners' exemption, the home must have been the principal residence of the owner as of January 1 of that tax year. A homestead exemption protects home equity from a homeowner's creditors, up to a certain dollar amount. What is a Homeowner Exemption? What is the 'Property Tax Assistance Program'? (2) I am the declared homestead owner of the above declared homestead. The home's owner(s) must also sign and notarize this form. Homestead Exemption Types.