Worth filing on any primary residence: the savings may be modest, but the form is simple and the money is otherwise left on the table. Homestead exemptions vary quite a bit by state, so check your own state and county rules. The general idea is that the exemption reduces the assessed value used to calculate property tax on a primary residence. Depending on where you live, the reduction ranges from fairly small to meaningful, roughly on the order of ten thousand up to fifty thousand dollars of assessed value. In some high-cost states the exemption is modest. As an illustration, knocking about $7,000 off your assessed value at a tax rate near 1.25% saves roughly $85 a year. That will not change your life, and it is still essentially free money for filling out a form. A few states also tie other benefits to a homestead filing, such as certain creditor protections or limits on how fast your assessed value can rise, so read what your state actually offers. Your county assessor has the form and the current amounts, which change and differ everywhere.