No, you file a homestead exemption with your county tax assessor and it reduces the amount of property tax you have to pay. Filing the homestead exemption will have no effect on your 2016 federal and state tax return. You should note, that there are deadlines each year for filing a homestead exemption. Be sure to file with you county tax assessor before the 2017 deadline or you pay more in property tax than you would otherwise have to for 2017.
