Property owners in Florida may be eligible for exemptions and additional benefits that can reduce their property tax liability. To apply for the Florida Homestead Property Tax Exemption, the property owner must complete Form DR501 and submit it to the property appraiser.In some states like Florida the homestead exemption reducing property taxes in all cases and also serves as limited bankruptcy protection. Claiming a Florida homestead exemption involves some very specific requirements that must be completed within a specified time frame. Fairfax County provides real estate tax relief and car tax relief to citizens who are either 65 or older, or permanently and totally disabled. Homestead: This exemption can help homeowners reduce state property taxes and protect surviving spouses from creditors.