A homeowner can only have one homestead exclusion. 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.Allegheny County has several programs that may help to reduce or eliminate a property tax bill. The homestead exemption and Save Our Homes assessment limitation help thousands of Florida homeowners save money on their property taxes every year. The Taxpayer Relief Act provides for property tax reduction allocations to be distributed to school districts through a "homestead or farmstead exclusion." Calculate how much you'll pay in property taxes on your home, given your location and assessed home value.