A homestead exemption reduces the amount of property taxes homeowners owe on their legal residence. It's basically an exemption that the state and the county gives you that reduces your property tax liability.The regular filing deadline is February 15th to receive the full exemption. FOR A BASIC HOMESTEAD EXEMPTION: • A valid Georgia Driver's License or Georgia Identification Card. • Social Security Number. Exemption may refer to the act of exempting or to the property exempted. Homestead exemption is used to lower your property tax. If your monthly mortgage payment include an escrow for the property tax, the answer is yes. One place to search and find your next commercial real estate rental.