Property owners in Florida may be eligible for exemptions and additional benefits that can reduce their property tax liability. Claiming a Florida homestead exemption involves some very specific requirements that must be completed within a specified time frame.All three living on the property and qualifying for the homestead creditor exemption creates a complete shield on the property from creditors. File an application for a homestead exemption on your Florida residence. Execute estate planning documents that reflect Florida as your place of residence. To receive the STAR exemption, taxpayers must file an application with their local assessor. Tax Benefits of Florida Homestead. When is Homestead Status Determined Regarding Heirs? Can Florida Homestead Property Be Held in a Revocable Trust? The PDF version of these forms are FILLABLE.