Exemption applications must be filed with your local assessor's office. See our Municipal Profiles for your local assessor's mailing address.Though all property is assessed, not all of it is taxable. See a list of common property tax exemptions in New York State. Homeowners Property Exemption (HOPE). The mission of the Department of Community and Economic Development (DCED) is to foster opportunities for businesses to grow and for communities to succeed. The Taxpayer Relief Act provides for property tax reduction allocations to be distributed to school districts through a "homestead or farmstead exclusion." The Homestead Exemption reduces the taxable portion of your property assessment if you own your primary residence in Philadelphia. 1. What is Homestead Exemption and How Do I Qualify? Property Tax Collector Forms.