The property must be the veteran's principal place of residence. The Disabled Veterans' Exemption reduces the property tax liability on the principal place of residence of qualified veterans.Veterans' Exemption Forms. Click for detail information on Disabled Veterans' Exemption. DocuSign. After you enroll, you may need to provide proof of qualifying household income. Enroll in a physical fitness or cultural arts class or take a daily walk on the trails at Norman J. Levy Park and Preserve in Merrick. Some homeowners may be able to avoid paying capital gains tax on their profit because of an IRS exemption rule called the Section 121 exclusion.