How does the homestead exemption work?

For all Cedar Park homesteads with an appraised value below $500,000, an exemption of $5,000 is deducted from the value before the City's portion of property taxes is calculated. For home values greater than $500,000, the appraised value of your home will be discounted by one % before the City's portion of property taxes is calculated.

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1. What is a homestead exemption?
2. How does the homestead exemption work?
3. Does Cedar Park have a homestead exemption? Why?
4. Are any other exemptions affected by this?