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. The Taxpayer Relief Act provides for property tax reduction allocations to be distributed to school districts through a "homestead or farmstead exclusion." Applications are available at your local assessor's office. For more information, contact your local assessor's office. President Abraham Lincoln signed the Homestead Act on May 20, 1862. Typically, this value will increase annually. The Homestead Exemption provides qualified homeowners with a measure of property tax relief.