Georgia property tax exemption/homestead

I filed for property tax exemption in Georgia. It was approved and they said I’ll get a file In the mail to send to my mortgage company. My question is what exactly will this mean for me? Obviously I won’t pay property taxes but a few questions I have:

  1. Does this affect last years taxes I paid? If so would I get reimbursed for it?

  2. Will they adjust my mortgage payment as soon as they get the affidavit or will it only start next year?

  3. Anything I should know?

My mortgage is through a company called Mr. Cooper if that matters. Also I pay escrow with my mortgage (if that is even how you say that I suck at being an adult)

TIA!