A homestead exemption reduces the amount of property taxes homeowners owe on their legal residence. A homestead exemption is a property tax discount for property owners who reside in Paulding County as well as meet age and income requirements.Exempt proceeds from a voluntary sale are protected if another home is purchased within 6 months. To claim the exemption, the homeowner must make a one-time filing with the county assessor where the property is located. If you own and live in a house in Fulton County, you may qualify for homestead exemption. The purpose of this guide is to help Fulton County residents learn. Homestead: This exemption can help homeowners reduce state property taxes and protect surviving spouses from creditors.