Homestead or Homestead Property is a residential property that is occupied by the qualified taxpayer as of January 1st as his or her principal dwelling place. A taxpayer may also qualify if it is a leasehold interest on which a single family residence is living or that is occupied as a residence by a qualified taxpayer who has a legal or equitable interest therein evidence by a written instrument, as an owner or as a lessee, and on which the person is liable for the payment of property taxes.