To qualify for a homestead exemption, a property owner must own and live on the property as their primary residence. A general residential homestead exemption is available to taxpayers who own and reside at a property as of January 1 st of the year.In most cases, the homeowner is simply given a filled-out property tax homestead exemption application form from the firm that is conducting the solicitation. The Homestead Exemption reduces the taxable portion of your property assessment if you own your primary residence in Philadelphia. It is FREE to apply for the General Homestead Exemption. Visit the Travis Central Appraisal District website to complete the application online. Use WCAD's online exemption form for quicker filing and expedited processing time.