Apply for it asap because you will save a ton of money on your property tax bill. This year they increased the Homeowners exemption from 45,0000 to 80,0000. Which means if you house is assessed by the city at 280,000 and you get approved for Homeowners exemption your house will only get taxed on
200,000 instead of 280,000 and that could save you several thousand dollars in property taxes you won’t have to pay.

As long as you apply by Dec 1st if you get approved you will get the tax savings for this year (2022).

DO IT! There is no negative here unless you don’t actually live in the house you own. If you rent it out to someone else then you won’t qualify for the Homestead Exemption. If you don’t apply you are essentially throwing away money.