Actually just the opposite. when you buy a home you will pay property taxes that should be paid by an Escrow (an account used to accrue money to pay property taxes at then end of the year). You will be able to write all of that off on your income taxes. Not only that but you will be able to write off all of the interest payments you will be paying to the mortgage company during your 30 year loan. ex: If you buy a house for $150,000 you payment would be $536.82 per month + your taxes and insurance (usually about $3500 a year for taxes (local city taxes for schools and city government) and $1200 for insurance= 4,700/12= 391.00 per month, this goes into the escrow to pay taxes and insurance every year). So your payment would be about $927. The actual loan of $536.82 is divided into principal and interest... At the beginning of a loan more interest is paid than principal and as the loan goes though the years. principal increases and the interest decrees.
So during the first year your payment will be as follows:
So you will have paid $4,966.50 in interest + $3,500 for your taxes give you a $7,466.50 Write Off on your income taxes.
Not a bad deal at all, just remember that every year that number on the interest will slowly decrease as the loan matures.
On the homestead exemption, yes its your homestead if you live there. the local tax rate is lower for your home as opposed to an income property or rent house.