To qualify, you must own and reside in your home on January 1 of the year application is made and cannot claim a homestead exemption on any other property. 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.Filing for Florida's Homestead Exemption can offer you tax savings when you own real estate in Florida. How Do I Apply for an Exemption and Fill Out a Homestead Exemption Form? After you have created your online account and gathered the required documents necessary to qualify for the exemption that you are applying for. To apply for the exemption, homeowners must submit a completed application to their county appraisal district. Dallas County offers several exemptions that can reduce your tax bill. The homestead exemption and Save Our Homes assessment limitation help thousands of Florida homeowners save money on their property taxes every year. An "Absolute" or "Total" exemption excludes the entire property from taxation (i.e. Like the homestead exemption, only school districts are required to offer this exemption.