The Florida homestead exemption is a property tax break that's offered based on your home's assessed value and provides exemptions within a certain value limit. To qualify for the homeowners' exemption, the home must have been the principal residence of the owner as of January 1 of that tax year.The homestead exemption and Save Our Homes assessment limitation help thousands of Florida homeowners save money on their property taxes every year. Homestead: This exemption can help homeowners reduce state property taxes and protect surviving spouses from creditors.