Homestead Tax Exemption - CA

[lefty]

I got this letter in the mail from the county with an invitation to file for a homestead tax exemption. This is for my newly acquired condo.
Anybody in CA here done this?
I googled as much as I could, seems to have an advantage to do this. Not sure if there is a disadvantage to file for a homestead tax exemption.
Any particular reason not to do this?

[ixtap]

I am not aware of any disadvantages, but the "advantage" is laughable in my county. As I recall, $6k is exempt from the property tax?

There is a separate thing called homestead exemption here in CA that refers to your home being exempt from liability lawsuits. It has been awhile since I did my research, so I am a bit fuzzy on the specifics, but as a new resident I found the terms confusing.