Certain property tax benefits are available to persons age 65 or older in Florida. Eligibility for property tax exemp ons depends on certain requirements.Download the Act 50 Applications(PDF, 1MB) and complete it. The homestead exemption and Save Our Homes assessment limitation help thousands of Florida homeowners save money on their property taxes every year. Act 77 (Senior Citizen Tax Relief). Homestead Exemption. Council's proposed rate hike is from 4.73 mills up to 6.08, and leaves the county's homestead exemption as it is.