The new residential tax exemption will exceed $2,000 for the first time, representing an increase of $472 over last year’s amount. Each qualifying homeowner will save $2,435 on their property tax bill by taking the residential exemption. Also remember: You need to have owned and lived in your home as your primary residence on January 1 before the current fiscal year. For example, to be eligible for Fiscal Year 2017 (July 1, 2016 to June 30, 2017), you need to have owned and occupied your property as your primary residence on January 1, 2016. The deadline to file for the exemption is April 1 (or 3 months after the actual [not preliminary] tax bills are mailed, if later).