If you own the home where you live, you should have a homestead exemption applied to your account. It will lower your property taxes by 20%. The more your house is worth, the more you’ll save on property taxes. Why your homestead exemption could go awayEven though we think we can set it and forget it, there is one reason why the homestead exemption can fall off and stick you with a much higher property tax bill. They presume that you’ve moved out.”Atkins says the appraisal district will cancel your homestead exemption without alerting you.