If you have moved from one Florida homestead to another within the last three years, you may be eligible to take some of your SOH savings with you. 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.All three living on the property and qualifying for the homestead creditor exemption creates a complete shield on the property from creditors. Permanent Florida residency required on January 1. How do I complete Line 9 on the form? Florida has one of the most generous homestead exemptions in the United States. Like the homestead exemption, only school districts are required to offer this exemption.