Property owners in Florida may be eligible for exemptions and additional benefits that can reduce their property tax liability. Property tax exemptions are savings that contribute to lowering a homeowner's property tax bill.The most common is the Homeowner Exemption. Cook County Treasurer's Office 118 North Clark Street, Room 112 Chicago, Illinois 60602 (312) 443-5100 Link to obtain further information about the various exemptions that are offered, the documents and filing process required for each exemption to be claimed. You can apply for the exemption online or at the Township Assessor's office. An annual verification of eligibility must be filled out each year. Florida Statutes define property tax exemptions that are available in the State of Florida. Florida pegged a tax exemption to annual inflation rates. If you qualify for a homestead exemption, you can protect yourself from bankruptcy, property taxes and creditors.