Do all homes qualify for homestead exemptions?

No, only a homeowner’s principal residence qualifies. To qualify, a home must meet the definition of a residence homestead: The home’s owner must be an individual (for example: not a corporation or other business entity) and use the home as his or her principal residence on Jan. 1 of the tax year. If you are age 65 or older, the Jan. 1 ownership and residency are not required for the age 65 homestead exemption.