PA property scouting question regarding homestead exemption

[James Mc Ree]

I see properties in PA tax records with the owner's address the same as the property, but the homestead exemption is "No".  Does this most likely mean the property is a rental and the homeowner just hasn't provided another address to mail tax bills?  I am thinking of using this to identify rental properties and want to get a feel for its relative accuracy.  I know a recent sale might make the value stale.

My understanding is an owner gets only 1 homestead exemption and PA relatively automagically updates it approximately annually.  If that is the case, I think it means the owner at least isn't living there anymore which might lead me to conclude it is a rental or maybe just vacant.