Exemptions can reduce the taxable value of the property. You may file up to 4 exemptions.Homeowners' Exemption. Exemption on a residence that is both owned and occupied as the principal place of residence. 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. Download PDF BOE-266 REV. To claim the exemption, the homeowner must make a one-time filing with the county assessor where the property is located. Applicants will need to provide proof of residency (ex. Driver's license, state ID). Get the latest news delivered daily!